Business insurance

Insurance agent confesses to defrauding elementary school friend

The accused had worked as a financial services consultant and insurance agent for AIA Singapore for about 11 years before the fraud occurred in 2018.

Sng, who had known the victim since elementary school, contacted her in March 2018 and told her about an insurance policy available for “absolute assignment”, where the policy would be purchased from an existing policyholder. .

The court heard that the victim had a “relationship of trust” with Sng, having taken out several insurance policies from Sng, including policies for his mother.

The victim paid Sng 24,900 SG $ by transferring it to her bank account, after being informed that she would get the amount back after one year, plus an additional SG $ 5,293. However, such a policy did not exist.

The victim said that for previous policies she purchased from Sng, she also transferred the money to her account. This went against AIA’s policy that bonus payments should be transferred directly to them and not to an agent’s personal bank accounts, investigations have revealed.

Sng allegedly used the money to pay off his credit card debt and renovate his apartment.

When pressed by the victim for the lack of official policy documents, Sng sent her a fake letter with AIA letterhead, stating that the company had received their payment. However, the victim became a suspect and confirmed separately with AIA, prompting the discovery of the fraud.

AIA compensated the victim for his losses and Sng made a full restitution to the insurance company. He will return to court in July for mitigation and sentencing measures.

Each charge of cheating and forgery carries a penalty of up to 10 years in prison plus a fine.

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