A 56-year-old salesman at Gibraltar Life Insurance Co.’s branch in Akita Prefecture has been accused of swindling some ¥190 million from 26 customers after faking insurance premiums and pocketing the fees over 10 years.
The firm said on Thursday it plans to file a criminal complaint against Koichi Sasaki on suspicion of fraud.
They said Sasaki, who joined AIG Edison Life Insurance Co. in April 2007, became a salesman at Gibraltar in January 2012 after the two firms merged.
He reportedly handed to the customers fabricated insurance certificates and receipts before asking them to sign a fake insurance contract.
The money paid for the insurance premiums was then allegedly pocketed by Sasaki.
The firm discovered the fraud after being contacted by a customer on Aug. 26 who was concerned about their insurance contract.
“This is truly regrettable,” a Gibraltar official said. “We will discuss with each of the customers who suffered damage how best to respond.”