Duo posed as dummy insurance agents charged by ICAC with money laundering for handling $1.2m commissions
2022-7-5
The ICAC today (July 5) charged two dummy insurance agents in separate cases with laundering crime proceeds. The duo had allegedly conspired with others to make false representations that several insurance policies were handled by them and had transferred most of the commissions and bonuses, totalling over $1.2 million, to those who recruited them to take part in the scam.
Au Yeung Yu-huan, 44; and Cheng Tsz-sing, 27, both former insurance agents of Chubb Life Insurance Company Limited (Chubb), each of them faces one count of conspiracy to deal with property known or believed to represent proceeds of an indictable offence, contrary to Section 25(1) of the Organized and Serious Crimes Ordinance and Section 159A of the Crimes Ordinance.
The duo were released on ICAC bail, pending their appearance in the Eastern Magistrates’ Courts on Thursday (July 7) for plea.
The cases took place between May 2019 and August 2020. Both defendants joined Chubb as insurance agents in late June 2019. At the material time, Au Yeung and Cheng were respectively named as the handling agent of three insurance policies and one insurance policy. Chubb released commissions and bonuses of over $960,000 and over $270,000 to them respectively.
It is alleged that Au Yeung had conspired with other persons to deal with the sum of over $960,000, knowing or having reasonable grounds to believe that it in whole or in part directly or indirectly represented the proceeds of an indictable offence. Cheng had allegedly handled the sum of over $270,000.
It is alleged that the duo were actually not the handling agents of the four insurance policies. After receiving the above commissions and bonuses, Au Yeung and Cheng had allegedly retained over $127,000 and over $27,000 respectively, and transferred a total of over $1 million to those who recruited them to take part in the scam.
The ICAC investigation arose from a corruption complaint. The two defendants were charged after seeking legal advice from the Department of Justice. As the relevant corruption investigation is continuing, the ICAC does not rule out further law enforcement actions.
Chubb has rendered full assistance to the ICAC during its investigation into the cases.
Au Yeung Yu-huan, 44; and Cheng Tsz-sing, 27, both former insurance agents of Chubb Life Insurance Company Limited (Chubb), each of them faces one count of conspiracy to deal with property known or believed to represent proceeds of an indictable offence, contrary to Section 25(1) of the Organized and Serious Crimes Ordinance and Section 159A of the Crimes Ordinance.
The duo were released on ICAC bail, pending their appearance in the Eastern Magistrates’ Courts on Thursday (July 7) for plea.
The cases took place between May 2019 and August 2020. Both defendants joined Chubb as insurance agents in late June 2019. At the material time, Au Yeung and Cheng were respectively named as the handling agent of three insurance policies and one insurance policy. Chubb released commissions and bonuses of over $960,000 and over $270,000 to them respectively.
It is alleged that Au Yeung had conspired with other persons to deal with the sum of over $960,000, knowing or having reasonable grounds to believe that it in whole or in part directly or indirectly represented the proceeds of an indictable offence. Cheng had allegedly handled the sum of over $270,000.
It is alleged that the duo were actually not the handling agents of the four insurance policies. After receiving the above commissions and bonuses, Au Yeung and Cheng had allegedly retained over $127,000 and over $27,000 respectively, and transferred a total of over $1 million to those who recruited them to take part in the scam.
The ICAC investigation arose from a corruption complaint. The two defendants were charged after seeking legal advice from the Department of Justice. As the relevant corruption investigation is continuing, the ICAC does not rule out further law enforcement actions.
Chubb has rendered full assistance to the ICAC during its investigation into the cases.