A former Chubb Singapore employee has been charged with multiple counts of cheating after allegedly duping the insurer into paying out more than $8.9 million in false claims.
The suspect, going by the name Suyandi, is alleged to have deceived the then-named Ace Insurance into processing 297 false claim payments of more than $8.9 million to third-party bank accounts from May 2010 to September 2017.
According to a report from The Straits Times, the 45-year-old Singapore permanent resident was also accused of cheating the insurer into effecting payments of more than $1.6 million to third-party bank accounts by creating fraudulent emails on 58 occasions between July 2010 and August 2016.
Suyandi is also facing four charges of falsification of accounts and three for acquiring the benefits of criminal conduct. A statement made by investigating police earlier this week revealed that about $55,600 was allegedly laundered from third-party bank accounts to Suyandi’s personal bank accounts.
Suyandi, who no longer works for Chubb Singapore, has engaged a lawyer, and revealed his intentions to plead guilty. Returning to court on July 14, he faces up to 10 years’ imprisonment and a fine if he is found guilty of cheating. Forgery, falsification of accounts, and money laundering all carry the same penalties.
Recently, a former AIG Asia Pacific and Liberty Insurance agent was also sentenced with prohibition for eight years following his conviction of 18 counts of corruption in 2021.
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