A corruption investigation by the ICAC uncovered a fraudulent insurance scheme where individuals, led by Lo Yin-wa, a former branch manager at FWD Life Insurance, conspired to defraud two insurers of approximately $52 million. Lo and 12 accomplices, including insurance agents from FWD and Sun Life Hong Kong, falsely claimed to be handling agents for 478 insurance policies, leading to the release of commissions and bonuses. The fraud involved laundering around $47 million through controlled bank accounts. Lo Yin-wa and the others pleaded guilty to various charges, and the case was adjourned for further proceedings.
Resources: https://www.icac.org.hk/en/p/press/index_id_2010.html