Ex-insurance agent who sold fake US$5m policy pleads guilty

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A former AIA insurance agent accused of selling a fake US$5 million policy, pleaded guilty on Wednesday to 19 offences, including cheating and using forged documents.

37-year-old Sally Low Ai Ming had sold 73-year-old Indonesian businessman Ong Han Ling a policy called "AIA Thank You" in November 2002, when there was no such policy.

Mr Ong made five telegraphic transfers in November 2002 to pay for the policy and received three policy documents from Low, confirming the application for the fake policy to be approved.

Low then used part of the money transferred to AIA to purchase policies for Mr Ong and his wife, without their knowledge and consent.

In purchasing those policies, Low submitted forged documents to AIA.

In January 2005, Low lied that AIA computers had crashed and informed Mr Ong that his name was mistakenly used to buy a particular policy, valued at S$5 million.

She told Mr Ong he had to pay AIA for the principal sum of about S$5.3 million but he could keep the profit of some S$887,000.

He did, and he issued a cheque to Low.

After getting her hands on the money, Low transferred the sum to the bank account of a company registered in the British Virgin Islands.

Low's deception came to light between late 2007 and 2008, when Mr Ong decided to reinvest the money contacted AIA directly.

Low has since been declared a bankrupt. Her case will be mentioned again in two weeks.