Prudential Singapore Duped in $470,000 Claim

An insurance agent allowed a friend, who was then working with a similar company, to make fraudulent claims, and the company was then duped into paying out more than $1.88 million in total.

3 Counts Of Cheating $470,000 - Benjamin Song Junde, 40, who was working with Manulife (Singapore) at the time, was sentenced to a year, six months and two weeks’ jail on Oct 3. He had pleaded guilty to three counts of cheating and a money laundering charge. Eight other charges were taken into consideration during sentencing.

Song derived nearly $470,000 in personal gain from the offences linked to the three proceeded cheating charges.At the time of the offences, his friend, Charn Sze Choong, 38, was working as a claims assessor with Prudential Assurance Co Singapore. His case is pending.

Bookie - Song acted as a “bookie” for Charn’s gambling activities. Charn would place online poker and soccer bets through the accused, and would settle his gambling winnings and debts with the accused on a net basis each week.

Song was also insured by Prudential under five policies which his wife held, and Charn was aware that Song was insured under them. Charn started entering fictitious outpatient insurance claims (FOICs) under the policies in Prudential’s Life Asia claims management system. Charn would then approve the FOICs in the system in his capacity as a claims assessor.

Prudential was deceived into believing that the claims were legitimate, and the company then made payouts into various bank accounts. These included Charn’s own bank accounts and those linked to Song, said the prosecutor.