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Posted by / 28-Feb-2017 08:07

Kazakh dating scam

Collusion – case study 21 An insurer in collusion with an insured person attempted to launder money through insurance transactions.

The manager of an insurance company sold health and personal injury insurance policies insuring against the liability from accidents to dummy persons, normally in the names of friends and relatives. Subsequently claims were received, supported by false documentation and medical certificates to substantiate the losses and the insurer paid the claims promptly. The manager then sought to legalise this scheme and recover the damages paid out.

At the same time the insurance company P concluded with the construction company A a secret agreement providing that the difference between the market cost of housing and the cost price was transferred in favour of the insurance company as a premium under the contract of financial risks insurance.

When the funds were received by the insurance company P they were transferred as insurance premium under the general reinsurance contract in favour of insurance company X.

It was obvious that, if we didn’t do something soon, the walls would cave in and the barn be lost forever.

Identification was taken from the client by way of an ID card, but these details were unable to be clarified by the providing institution locally, which was reliant on the intermediary doing due diligence checks.

Investigation made clear that the investment firm was bogus and controlled by criminals with a drug background.

The insurer had ownership links with the investment firm.

These actions raised no suspicion at the bank, since the insurance broker was known to them as being connected to the insurance branch.

The insurance broker delivered, afterwards, to the insurance company responsible for making the financial investment, three cheques from a bank account under his name, totalling USD 250,000, thus avoiding raising suspicions with the insurance company.

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