Recent ICAC Cases

May 2023
Duo charged by ICAC with money laundering for allegedly conspiring with dummy insurance agent to handle $270,000 commissions

In the course of a corruption investigation by the ICAC, it was revealed that two insurance agents allegedly recruited a person to pose as dummy insurance agent to obtain commissions and bonuses totalling over $270,000 by making false representations that three insurance policies were handled by the latter, and collected most of the sum from the dummy insurance agent. The duo were charged with conspiracy to launder crime proceeds yesterday (May 18).

Cheng Yik-lut, 30, and Jovi Leung Kin-fung, 29, both insurance agents, jointly face one count of conspiracy to deal with property known or believed to represent proceeds of an indictable offence, contrary to Section 25(1) of the Organized and Serious Crimes Ordinance and Section 159A of the Crimes Ordinance.

The defendants were released on ICAC bail, pending their appearance in the Eastern Magistrates’ Courts next Monday (May 22) for plea.

It is alleged that in 2019, the defendants arranged Cheng’s cousin to pose as a dummy insurance agent at Chubb Life Insurance Company Limited (Chubb). Chubb subsequently received three insurance policy applications of Cheng. Cheng’s cousin was named as the handling agent and received commissions and bonuses of over $270,000 from Chubb.

The ICAC investigation arose from a corruption complaint. Enquiries revealed that the cousin was not actually the handling agent of the three insurance policies. Upon the defendants’ request, the cousin transferred over $240,000 to designated bank accounts and retained about $27,000 as his rewards.

It is alleged that between May 2019 and June 2020, Cheng and Leung conspired together with Cheng’s cousin and other persons to deal with the aforementioned commissions and bonuses of over $270,000, knowing or having reasonable grounds to believe that it in whole or in part directly or indirectly represented the proceeds of an indictable offence.

Cheng’s cousin, Cheng Tsz-sing, 28, was earlier charged with one count of conspiracy to launder crime proceeds. He pleaded guilty to the charge and his case was adjourned to June 6 for mention.

Chubb has rendered full assistance to the ICAC during its investigation into the case.

Back To Top