Fraud Insurance Claim - Singapore

A senior claims executive at an insurance firm duped into paying out more than $10.7 million in fraudulent claims between May 2010 and September 2017. The prosecution said that Suyandi, who goes by only one name, committed the offences to satisfy his own greed and fund his gambling addiction. He has made no restitution.

The 46-year-old Singapore permanent resident was sentenced to 10 years and 10 months’ jail on April 29 after he pleaded guilty to eight charges, including multiple counts of cheating. Fourteen other charges were taken into consideration during sentencing. Court documents did not disclose his nationality.

In 2009, Suyandi joined Ace Insurance before Chubb Insurance acquired it seven years later. Its name was then changed to Chubb Insurance Singapore. He was a senior claims executive at the firm until he tendered his resignation on or around Sept 4, 2017. His employment agreement was terminated two months later.

Fraud Process - While working for the company, his roles included reviewing and verifying claims submitted to it to determine their validity. Claims would typically be submitted via e-mail from claimants. For a claim to be approved, a claims executive like Suyandi must process it, determine the amount to be paid out, and subsequently key in these details into the company’s computer system.

The claims executive would then send the payee’s name, bank account details, payment method, and amount payable via e-mail to another department within the firm for payments to be made. 

Between May 26, 2010, and Sept 13, 2017, Suyandi was involved in processing 355 false and unauthorized claims involving more than $10.7 million. As a result, the company made telegraphic transfers to 29 different beneficiary bank accounts, 23 of which were located outside Singapore.

The accused, the beneficiaries were unaware that the payments they received were fraudulent payments. The beneficiaries were acquaintances, friends of friends, or debtors whom the accused owed money to as a result of his gambling habit. Suyandi would then allow some of the overseas beneficiaries to retain 3 per cent to 10 per cent of the cash they received in exchange for their help in remitting remaining monies to him.

Fraud Discovered - Some time before Nov 2, 2017, the company discovered there was some indication that he was involved in various false insurance claims submitted to it. The firm hired a forensic accountant to look into the claims Suyandi had processed, and the police were alerted soon after. He was later charged in a district court in June 2023.