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How a businessman got cheated of US$5 million
15 May 2015 (208 views)

The police and insurance giant AIA are investigating claims by a semi-retired Indonesian
businessman that his insurance agent sold him a non-existent insurance policy that cost a whopping US$5 million (S$6.5 million).
The sensational case, which industry experts say is the first of its kind in Singapore, is currently before the courts.
The businessman, Mr Ong Han Ling, 72, is suing the agent, Ms Sally Low Ai Ming, for about $3.6 million plus loss of use of his funds. The $3.6 million is the amount left outstanding after the agent made restitution for some of the policy premiums.
In her defence, 33-year-old Ms Low, who was sacked by AIA in September last year, has alleged that the fake insurance plan – called the “AIA Thank You Policy” – was part of an elaborate ploy conceived by Mr Ong to defraud AIA. She claimed she was merely an accomplice.
The Sunday Times obtained legal documents filed by both parties and they revealed intriguing claims that included a fake policy schedule and forged letters from AIA officials such as Mr Mark O’Dell, then the insurer’s general manager in Singapore.

Read the PDF for the full story up to now. The case is still under trial.



How a businessman got cheated of US$5 million
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The police and insurance giant AIA are investigating claims by a semi-retired Indonesian
businessman that his insurance agent sold him a non-existent insurance policy that cost a whopping US$5 million (S$6.5 million).
The sensational case, which industry experts say is the first of its kind in Singapore, is currently before the courts.
The businessman, Mr Ong Han Ling, 72, is suing the agent, Ms Sally Low Ai Ming, for about $3.6 million plus loss of use of his funds. The $3.6 million is the amount left outstanding after the agent made restitution for some of the policy premiums.
In her defence, 33-year-old Ms Low, who was sacked by AIA in September last year, has alleged that the fake insurance plan – called the “AIA Thank You Policy” – was part of an elaborate ploy conceived by Mr Ong to defraud AIA. She claimed she was merely an accomplice.
The Sunday Times obtained legal documents filed by both parties and they revealed intriguing claims that included a fake policy schedule and forged letters from AIA officials such as Mr Mark O’Dell, then the insurer’s general manager in Singapore.

Read the PDF for the full story up to now. The case is still under trial.