China Life Insurance conducts probe after complains over an alleged financial fraud went viral online
Published: Feb 24, 2021 01:44 PM

China Life Insurance Company's logo stands atop a building in Beijing. Photo: CFP

The state-owned China Life Insurance is investigating alleged financial fraud concerning its branch office at Nenjiang, Northeast China's Heilongjiang Province after a person who claimed to be an employee of the company posted a complaint in real name online. The news about her reported fraud within the company immediately went viral and raced into the top five of the Sina Weibo hot search chart on Wednesday.

A 33-year-old female netizen dubbed Tubaobao 1988z, who claimed to be a Party member and having worked at the company for 16 years, said in her self-recorded video post Wednesday that a former Nenjiang branch manager named Sun Xiaogang was engaging in insurance fraud, promising customers high interest for private interests.

In the less-than-a-minute-long video, she also pointed out that the branch company has issues relating to false expenses, and forged human resource data, and client signature in return for illegal profits.

Zhan Zhong, vice president of China Life Insurance, told reporter of that they are investigating and verifying the matter at present and would issue a relevant response announcement Wednesday afternoon. 

Zhan also noted that Sun who was mentioned by the informant had already left the company last year.

The Nenjiang branch office could not be reached for comment as of press time.

This was not the first time that the person has issued complained, the Global Times learned.

She reported to China Banking and Insurance Regulatory Commission for twice and Nenjiang Municipal Commission for Discipline Inspection in 2019 using her real name, according to the person's own statement.

China Life Insurance's Nenjiang branch was ordered by the Heilongjiang Banking and Insurance Regulatory Commission in May, 2019 to make corrections and fined 100,000 yuan ($15,480) for misstating expenses, the company's employee Sun Xiaogang and Lu Zhichun were also warned and fined 10,000 yuan, according to the administrative penalty information disclosure form released by the Heilongjiang Banking and Insurance Regulatory Commission, media reports.

However, Tubaobao 1988z said in her recent report that the complaints have not been thoroughly investigated or addressed.

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