Insurance agent charged over US$1m fraud
Print Edition
AN insurance sales agent accused of swindling her clients out of almost 7 million yuan (US$1.1 million) over a period of more than five years has been charged with fraud, the Shanghai No. 2 Intermediate Procuratorate said yesterday.
The suspect, Zhang Xiaoyun, who was recruited by Ping An Insurance Co in 2005, is accused of luring clients into buying spurious financial products between 2009 and the start of this year with the promise of interest yields as high as 22 percent a year.
She is also alleged to have made counterfeit versions of her employer’s official seal, invoice stamp and invoices to facilitate the fraud, the office said.
Police began an investigation after receiving a number of complaints from people claiming to have lost money in the scam. Zhang was detained on April 1. She is also alleged to have had an accomplice, but that person committed suicide last year, prosecutors said.
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