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Verdicts due in fraud case

(China Daily)
Updated: 2006-11-08 09:25

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The trial of an insurance fraudster accused of cheating 175 people out of more than 14 million yuan (US$1.75 million) opened on November 1 at Shanghai No 2 Intermediate People's Court.

Yao Yiming, a former manager at Taikang Life Insurance Co Ltd, one of China's top insurance firms, is alleged to have swindled the money out of agents who he told would receive substantial commission fees, and clients who were promised high short-term returns. In fact they were only part insured under cheap packages.

Yao told the court that he launched the fraud to take revenge on his former employer, and make money.

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The full text is available in the November Issue ofChina Insurance.