A former top insurance agent from AIA was sentenced to 8 years’ jail on Thursday (May 19) for cheating an elderly couple of S$8.89 million by selling fake policies and using the ill-gotten money to buy herself several condominiums. Sally Low Ai Ming, 40, first persuaded a rich elderly couple, aged 78 and 77, to hand over several millions by selling them a fake insurance policy in 2002, and the used part of the sum to purchase other policies by forging their signatures. From the sales, she was paid more than S$200,000 in commissions.
Sally Low, 40, then transferred US$1 million to a fellow insurance agent and transferred S$5.28 million into a offshore tax-evasion company she created in British Virgin Islands. She then used the money to purchase several condominiums in Cairnhill and Sentosa Cove.
3 years after the sales in Jan 2015, Sally Low lied to the couple saying there was a computer glitch and the husband’s name was used to purchase a S$5 million policy. She then added that the “glitch” policy made more than S$888,000 profit, but he has to pay S$5 million to keep the profit which he eventually bought the story and did so. In Sep 2006, Sally Low used the same “glitch” trick to get the couple give her another S$1 million.
The scam was only discovered in 2007 when the 2002 fake policy “matured” and the elderly called AIA to enquire about withdrawal. When AIA confirmed that there is no such policy purchased, the police was called in. Since then, only S$4.33 million were recovered and made in restitution to the elderly couple.
The insurance company AIA is also currently sued for negligence and breach of duty of care by the elderly couple. Sally Low was sentenced to 8 years’ jail for multiple counts of cheating, forgery and removing more than S$5 million from Singapore’s jurisdiction.