BEIJING, KOMPAS.com – A 45 year old woman from China is rumored to have defrauded the company insurance amounting to 3 million yuan (USD 6.5 billion,) by buying flight ticket that delay (delayed flight).
Action fraud he has done from 2015 to 2019, by purchasing insurance on flights which he predicts will be delayed.
The woman, known only by the surname Li, used 20 identities, including her own, to withdraw money from nearly 900 insurance policies.
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Reported World of Buzz on Monday (6/15/2020), Li never flew with the ticket he bought, but because he had worked in the airline industry, he had insider acquaintances who knew which flights would be delayed.
Li will then buy tickets for flights that may be delayed or canceled, and will claim “damages” from the insurance company.
Li used that rule as a loophole in carrying out his actions, but it was not explained in detail how he could do it over and over for years.
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If he knows the flight he booked will not be delayed, he will try to return the ticket to reduce the loss.
Then to avoid detection by the authorities, he would only issue about 30 insurance policies out of a maximum of 40 permitted per identity.
On one occasion Li was able to claim a total of 100,000 yuan (USD 218 million) under 5 different identities.
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Police have arrested Li on April 29 this year and searched his home.
They managed to secure a lot of evidence on his computer. Police said Li faked information and documents about flight delays, to defraud insurance companies in large numbers.
After the incident many insurance companies closed the gap by including an additional clause, which basically would not pay the insurance claim if the insured knew at the time of ticket purchase that the flight would be delayed.
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