CEO of Fanxin Insurance arrested in Fiji
August 26, 2013 Category Finance, Weekly
Chen Yi, Chief Executive of Shanghai Fanxin Insurance Agency Co, was arrested in a joint operation between Chinese and Fijian police in Fiji, four days after the China Insurance Regulatory Commission (CIRC) said it had found Fanxin raising funds illegally by selling “self-made,” fixed-income wealth management agreements without authorization. Police were probing Shanghai Fanxin Insurance Agency after it was found to have sold unauthorized wealth management products (WMPs). The investigation began after Chen Yi fled with an unspecified amount of money. Local media reported that Chen took CNY500 million from the company before fleeing the country. Founded in 2007, Fanxin is one of the largest insurance brokers in Shanghai. The company was known for its aggressive sales strategy of offering products with high investment returns.
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