China's runaway insurance boss seized in Fiji
China Daily, August 21, 2013
The business of Shanghai's biggest insurance intermediary remained suspended on Tuesday after its runaway controller was captured in Fiji and escorted back to China.
Chen Yi, general manager of Shanghai Fanxin Insurance Agency. [File photo]
Two clerks at the Shanghai Fanxin Insurance Agency said on Tuesday that the company is still operating but is not dealing with new investment schemes or offering consultancy services after its general manager, Chen Yi, allegedly fled with 500 million yuan ($81.8 million) of company money.
New customers are being told to contact the agency after the investigation is completed, the clerks added.
Last week, the city's insurance watchdog said it had discovered Fanxin was selling unauthorized wealth management products and Chen, dubbed the "beauty manager" by people in the business, had been inaccessible for weeks.
She was reported to have fled to Canada with tens of millions of yuan.
On Monday, the Ministry of Public Security said Chinese police tracked Chen down in partnership with law enforcement officers in Fiji .
After the case was reported to Shanghai police and the ministry, a team was sent to Fiji where Chen was seized with the help of local police, the ministry said. She was escorted back to China on Monday night.
The ministry also asked international law enforcement forces for help, if needed, to capture Chen, it added.
