A former AIA insurance agent was sentenced to eight years jail on Thursday (May 19) after cheating a businessman into buying a fake US$5.06 million (S$7 million) policy in 2002.
Sally Low, 39, is responsible for cheating her clients, Mr Ong Han Ling, and his wife, Mrs Enny Ariandini Pramana, for six years since 2002. Her clients are both 77 years old.
Low pleaded guilty to three charges of cheating, one charge of fradulent use of forged documents and one charge of moving proceeds to a bank account, Shin Min Daily News reported. Low faces 21 charges in total.
The Chinese newspaper also reported that the judge said Low betrayed the trust which the Ongs had placed in her and that she was greedy.
The saga started in late 2002, when Mr Ong bought a fake policy from Low, who was then an agent with AIA.
After he paid the US$5.06 million premium, Low used the funds to buy four AIA policies for Mr Ong, his wife and their daughter, which was done without his knowledge or consent, according to The Straits Times.
Low's schemes was only discovered after Mr Ong learnt from AIA in 2008 that one of the policies was bogus.
The Ongs then filed the suit in 2012 against AIA and Motion Insurance for negligence and breach of duty of care.
The Straits Times reported that Low's sentence took immediate effect.