A former AIA insurance agent who duped an elderly couple in Singapore faces at least seven years in jail after pleading guilty to charges of insurance fraud.
Sally Low Ai Ming, 40, pleaded guilty to five out of 21 charges, including three counts of cheating and one count of using a forged document, Channel News Asia said in an online report.
According to the report, Low sold a fake insurance policy to Ong Han Ling, 78, and his wife, 77, in for US$5.06mn in 2002. She used part of the money to buy policies for the couple without their knowledge or consent.
Low controlled the couple for the next six years in what prosecutors described as “an elaborate and prolonged scheme of deception,” the report said.
In January 2005, Low told Ong that his name was mistakenly used to buy a policy worth US$3.67mn due to a computer glitch.
Ong issued a cheque of the said amount to Low, after he was tricked into believing that he obtained a policy not due to him.
Low transferred the money to Hong Kong and into a company registered in the British Virgin Islands that she actually owns.
In September 2006, Low again deceived the elderly couple that they need to pay US$1mn following another glitch in AIA’s computer systems.