Updated: 12/04/2013 18:23 | By Channel NewsAsia
Ex-insurance agent who sold fake US$5m policy pleads guilty
Former AIA agent Sally Low Ai Ming (above) pleaded guilty to four of the 19 charges involving a fake policy she had sold to her client over a decade ago. The other 15 charges will be taken into consideration when she is sentenced. -- ST PHOTO: WONG KWAI CHOW
SINGAPORE: 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 admitted to cheating 73-year-old Indonesian Ong Han Ling.
She had sold the businessman 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.
Subsequently, he 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.
Court documents state the account is beneficially owned by Low.
Low's deception came to light between late 2007 and 2008, when Mr Ong decided to reinvest the money and returns in a new "AIA Thank You" policy.
He contacted AIA directly and discovered Low's plot.
AIA suspected that Low might have cheated Mr Ong and made a police report. Low has since been declared a bankrupt.
Her case will be mentioned again in two weeks. - CNA/nd
