Dummy insurance agent admits money laundering for handling $270,000 commissions revealed in ICAC graft probe
2022-12-7
In the course of a corruption investigation, the ICAC had earlier revealed that a dummy insurance agent had conspired with others to make false representations that an insurance policy was handled by him and had returned most of the commissions and bonuses, totalling over $270,000, to those who recruited him to take part in the scam. The defendant admitted laundering crime proceeds at the Eastern Magistrates’ Courts today (December 7).
Cheng Tsz-sing, 28, former insurance agent of Chubb Life Insurance Company Limited (Chubb), pleaded guilty to 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.
Principal Magistrate Ms Ada Yim Shun-yee adjourned the case to April 11 next year for mention and granted bail to the defendant.
The court heard that the defendant joined Chubb as insurance agent in late June 2019. Between August 2019 and May 2020, he was named as the handling agent of an insurance policy, and received commissions and bonuses totalling over $270,000. He had only retained over $27,000 and transferred over $240,000 to four others.
The ICAC investigation arose from a corruption complaint. Enquiries revealed that the defendant was actually not the handling agent of the insurance policy. Two insurance agents of Chubb, including a cousin of his, had recruited him to take part in the scam. The defendant was told that he would earn $7,500 per month but he was not required to do anything as others would secure insurance policies for him.
Upon legal advice sought from the Department of Justice, the defendant was charged with one count of conspiracy to deal with property known or believed to represent proceeds of an indictable offence. As the relevant corruption investigation is continuing, the ICAC does not rule out further law enforcement actions.
Chubb had rendered full assistance to the ICAC during its investigation into the case.
The prosecution was today represented by ICAC officer Teresa Cheung.
Cheng Tsz-sing, 28, former insurance agent of Chubb Life Insurance Company Limited (Chubb), pleaded guilty to 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.
Principal Magistrate Ms Ada Yim Shun-yee adjourned the case to April 11 next year for mention and granted bail to the defendant.
The court heard that the defendant joined Chubb as insurance agent in late June 2019. Between August 2019 and May 2020, he was named as the handling agent of an insurance policy, and received commissions and bonuses totalling over $270,000. He had only retained over $27,000 and transferred over $240,000 to four others.
The ICAC investigation arose from a corruption complaint. Enquiries revealed that the defendant was actually not the handling agent of the insurance policy. Two insurance agents of Chubb, including a cousin of his, had recruited him to take part in the scam. The defendant was told that he would earn $7,500 per month but he was not required to do anything as others would secure insurance policies for him.
Upon legal advice sought from the Department of Justice, the defendant was charged with one count of conspiracy to deal with property known or believed to represent proceeds of an indictable offence. As the relevant corruption investigation is continuing, the ICAC does not rule out further law enforcement actions.
Chubb had rendered full assistance to the ICAC during its investigation into the case.
The prosecution was today represented by ICAC officer Teresa Cheung.