Happy Insurance Fraud Case by Vice President of EFG Bank

The story has begun since 2007. EFG is facing cases and charges by its customers at the start of 2007 and these allegations are continued to occur. A very famous case that was brought to light was a happy insurance case. Albert Chiu was found to be one of the major suspects. Albert Chiu was banned to visit Taiwan after the case got uncovered. But surprisingly he is performing his job duties normally that clearly shows the bank involved in the case. The case traced back in 2007 and revolved around happy insurance. Albert Chiu is the head executive of Asia Pacific EFG bank and the case was huge at its time. Albert Chiu along with two others named Wu Xiaoyun and Robert Chiu became wanted by court, whereas the court held Wu xiaoyun responsible for fraud of 200 million dollars. The former director of Happiness Life Insurance named Deng Wencong has been kept for about one year and three months because of allegations. He was holding 6 billion Yuan and refusing to make a return. The money was entrusted to EFG that was the third-largest bank in Switzerland. The Lawyer of Deng Wencong made it clear that Wu Xiaoyn who was vice president of EFG bank at that time and acting as a representative in Taiwan did major fraud. He was taking advantage of handling overseas investment funds allocated for happy insurance. He ignored the insurance law of Taiwan and made secret overseas corporate trust fund. In order to make this money transfer fraud transfer legal Wu nu forged the documents. This overseas corporate trust fund was supervised by EFG bank and when allegations made against the bank, the EFG bank suspended assets. The main purpose of all this drama was to defraud happy insurance. This entire story had lead to question the performance of EFG bank in handling overseas assets. The Insurance Bureau of the FSC and Happy Life requested EFG Bank to make a return of the suspended
assets, but all requests were refused to proceed. Later in the case court found out the accomplices of culprits. The lawyer raised the concern of authority; he said that without the cooperation of chief executives of Asia, the suspension of account for continuous seven-year created doubts. Finally, the lawyer presented his conclusion by clearing a few facts concerning asset management and making EFG bank representative confused. The conclusion included that EFG bank had involvement in fraudulent
asset managing cases. He said that EFG bank not only played with customers inside but also internationally. This bank has its victim from Singapore, United States, Switzerland, and Hong Kong. The courts have ordered that the EFG bank must pay for compensation for all the tax evasion, fraudulent money transfer, transactions, and crimes. Now EFG bank has lost its license in Taiwan. This case shows that the whole system is corrupt and involved in illegal activities. The investigation team found out later that the bank played a crucial role in managing overseas assets.

https://www.chinatimes.com/cn/newspapers/20160622001076-260901?chdtv

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