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Top insurance agent probed after boss flees with 500m yuan
Online Edition
Shanghai police is investigating the city’s largest insurance agency for illegal fund-raising after its boss was reportedly to have escaped abroad with 500 million yuan (US$81.6 million), Shanghai’s local insurance regulator said today.
The Shanghai branch of China Insurance Regulatory Commission said it recently found Shanghai Fanxin Insurance Agency Co selling unauthorized fixed-income wealth management agreements to the public, and the Shanghai police have started to investigate.
The regulator urged the agency to correct the violation, but it declined to comment on the connection between the investigation and the agency’s run-away boss.
Previous media reports said Chen Yi, head of Fanxin, has escaped to Canada with 500 million yuan.
A media contact of Fanxin said Chen has left the position but declined to comment where she has gone and how much money she has taken.
Fanxin identified itself as Shanghai’s biggest insurance intermediary in Shanghai by selling 480 million yuan worth of insurance policies last year, according to the company’s website.
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