Retired Fubon Life Manager Sued for Allegedly Swindling Nearly NT$50 Million

Taipei, June 30 (CNA) A retired 72-year-old manager from Fubon Life Insurance, surnamed Chen, has been indicted for allegedly selling unapproved investment schemes during her tenure, defrauding 18 victims of over NT$49.45 million. The Taipei District Prosecutors Office announced her indictment today on charges including violations of the Banking Act, fraud, and document forgery.

Prosecutors stated that Chen, formerly a manager at Fubon Life's De-Wei Business Office, retired in April 2025. Since 2005, she allegedly exploited her access to policyholders to solicit investments in schemes such as "premium trust certificates" and "bond trust certificates" without authorization or consent from Fubon Life, impersonating the company.

Chen allegedly claimed these investment schemes were Fubon Life insurance products, promising annual interest rates of 5% to 14% and assuring the return of principal upon maturity, along with interest significantly higher than bank fixed deposits. To gain investors' trust, she allegedly printed forged investment documents or contracts bearing Fubon Life's trademark, leading investors to believe these schemes were official Fubon Life products.

Prosecutors calculated that Chen defrauded 18 investors, raising and misappropriating a total of NT$49,450,979 between October 2005 and May 2025. In May 2025, Chen was unable to pay the promised interest, and the 18 investors gradually realized they had been deceived.

In March of this year, the Taipei District Prosecutors Office, under the direction of the Investigation Bureau's Northern Region Mobile Task Force, executed search warrants at Chen's residence. Chen was summoned for questioning and subsequently detained and denied bail. She was indicted today in accordance with the law. (Editor: Li Shu-hua) 1150630

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