Image
Icon

Directory

IconAssociations and Institutes
IconBBBEE Consulting and Verification Agencies
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconFinancial Planners
IconLife Insurance Companies
IconLife Insurance Products
IconOmbud
IconOnline Quotes
IconPublic Loss Adjustors
IconPublications
IconRe-insurance Companies
IconRegulatory Authorities
IconSocial Grants (Government)
IconWellness Programs
Advertise Here
  Subscribe To »

Murder, Theft, Fraud & Corruption...

Published

2017

Wed

26

Jul

The Insurance Crime Bureau recently received information as regards a number of what appeared to be “simple un-natural death” claims.
 
Some of the facts uncovered in the resulting investigation were:
  • The claims all related to deaths between November 2016 and March 2017, in and around Pietermaritzburg.
  • The cause of death varied, including numerous hit & runs and drownings.
  • There were a number of different “unrelated claimants” involved in the scheme.
  • Through investigation it was proved that some of the deceased had in fact passed away at a date prior to the reported accident, and the initial claim had been for natural causes.
  • It was then discovered that in order to stage an “accident or drowning” the syndicate were killing innocent individuals to claim the benefit under the policy.
  • One if the informants interviewed even admitted that she was paid R 5000 to identify a strangers body as that of her brother.
  • The syndicate involved targets funeral homes, and multiple insurance companies.
  • They are sophisticated team, and have even falsified police reports.
  • They will source individuals with the same surname as the deceased, to assist in the identification of the bodies.
  • The group has cultivated connections within SAPS to assist in the fraud.
  • One of the “claimants” is even employed at the DOH.
The case has subsequently been referred by The Insurance Crime Bureau to the Head of the DPCI in Pietermaritzburg for a joint investigation, and ultimately prosecution.
 
To-date the joint investigation, using information gleaned from the Industry, has linked 5 key individuals, hitting 11 Insurance companies. The suspects have been charged with Murder, Theft, Fraud, Corruption, Defeating the ends of Justice, and Money Laundering.
 
This investigation is ongoing, and again merely one example of this modus operandi…..we have a number of instances where similar circumstances exist, where people are being brutally murdered for policy benefits.
 
We need to work together as an Industry, and we need wider support, acceptance and involvement from specifically the Life & Funeral Industry as regards combatting this issue.
 
Source: The Insurance Crime Bureau
 
« Back to previous page Print this page » |
 

Breaking News »

New Credit Life Insurance Regulations Bring Good News for Consumers

A new set of credit life insurance regulations that will protect consumers from abusive practices by credit providers came into effect this week. The regulations have been hailed as a positive step to prevent consumers ...
Read More »

  

A health cash plan can cover loss of income

            Lee Bromfield, CEO of FNB Life                     People ...
Read More »

  

FSB draws attention to correction of Fin 24 article on Regulatory Examination and Wealth Management Qualification Fraud

On 14 June 2017 the Financial Services Board (FSB) issued a press release regarding qualification and examination fraud that was discovered by the Financial Planning Institute of Southern Africa (FPI) which required ...
Read More »

  

Liberty’s results reflect lower earnings and improved cashflow for the first half of 2017

Normalised headline earnings for the six months to 30 June 2017 are lower than the prior period but show an improvement compared to the second half of 2016. Growth in sales and net customer cash inflows, are underpinned ...
Read More »

 

More News »

Image

Healthcare »

Image

Investment »

Image

Retirement »

Image

Short-term »

Advertise Here
Image
Advertise Here

From The Glossary »

Icon

Financial Soundness:

This is a method of valuing policyholder liabilities which is basis of valuation (FSV) intended to give a conservative but realistic view of the overall financial position of a life insurer. It allows for premiums that will be received in future as well as future expected claims, interest rates, expenses and other relevant factors.
More Definitions »

 
 
By using this website you agree to the Terms of Use.
Copyright © Stoker Risk & ICT (Pty) Ltd 2004 - 2017.
All Rights Reserved.
Icon

Advertise

  Icon

eZine

  Icon

Contact IG

Icon

Media Pack

  Icon

RSS Feeds