Financial Supervisory Service Requests Investigation of 168 Suspects in Hole-in-One Insurance Fraud Case

[Asia Economy Reporter Changhwan Lee] The Financial Supervisory Service (FSS) announced on the 27th that it has conducted a special investigation into insurance fraud exploiting the cost coverage of hole-in-one insurance and has requested an investigation from the National Police Agency's National Investigation Headquarters (NIH).

The FSS explained that it identified 168 suspects (391 cases, embezzled amount: 1 billion KRW) suspected of fraudulently receiving hole-in-one insurance payouts.

They first selected investigation targets such as those with excessive numbers of hole-in-ones and insurance payouts, and suspects suspected of insurance fraud led by planners, then notified the NIH of suspects suspected of false cost claims.

The suspects submitted canceled card receipts or false cash receipts to insurance companies and embezzled insurance money. They submitted receipts showing expenditures that are generally difficult to use considering the type of business and usage time and claimed insurance money. Among these, the FSS explained that many cases were confirmed where all contract holders recruited by a specific planner made payments at the same establishment.

Additionally, suspects submitted receipts presumed to have been spent by others, such as costs incurred in two regions where movement within close time frames was impossible.

Those who repeatedly subscribed to and canceled hole-in-one insurance, receiving multiple hole-in-one insurance payouts within a short period, were also caught.

An FSS official stated that acts such as submitting hole-in-one certificates falsely issued to insurance companies in collusion with caddies or others, or claiming costs not actually incurred, constitute insurance fraud and urged caution.

This content was produced with the assistance of AI translation services.