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Couple charged over insurance fraud

A MAN and his lover, both insurance company employees, have been charged with cheating clients out of 15 million yuan (US$2.2 million) in premiums for insurance investment products with fake contracts.

Their scheme went bankrupt after they made huge losses on their own investments, today's Shanghai Morning Post reported.

The couple, who worked with Taikang Life Insurance Co Ltd's Shanghai branch, used fake contracts to sell 25.11 million yuan in insurance investment products from 2005 and paid back only 9.94 million yuan, prosecutors alleged.

They failed to pay the remaining 15.17 million yuan which they spent on trading securities, personal consumption and gambling.

Their clients reported them to the police earlier this year and they were soon caught.


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