A 25-year-old former bank worker has been sentenced nine years jail for a failed £70m electronic fraud.

Jagmeet Channa, 25, from Ilford, east of London, admitted conspiracy to defraud and money laundering.

The court heard that Channa was arrested following a City of London Police investigation into the transfer of €90m (£71.6m) from HSBC to accounts in Manchester and Morocco.

Sentencing him, Judge Geoffrey Rivlin QC said, “This was a carefully planned and very serious attempt to transfer a fortune in money away, and it almost succeeded…. The evidence against you is quite overwhelming.”

It is believed that Channa was the inside man for a sophisticated cybercrime gang, but no other people have been arrested for the crime.

Speaking shortly after sentencing DI Richard Fisher, from the City of London Police’s Economic Crime Department, said, “Today’s sentence reflects the large sum of money involved in this crime.

“It also sends a strong message to other financial services staff who may be tempted to abuse their position that they will be caught and can expect a tough sentence.”