TOKYO (TR) – Sony Life Insurance Co. announced on Thursday that four of its sales representatives swindled 14 customers out of approximately 120 million yen through fraudulent investment schemes and unauthorized personal loans, reports Kyodo News (May 28).
According to the company, the employees abused their positions to solicit funds from existing policyholders by pitching fake investments or asking to borrow money—activities completely unrelated to their official duties as insurance agents.
The revelation is part of a sweeping, ongoing internal probe covering all 2.8 million Sony Life policyholders. The company stated that the current findings are based primarily on reports from customers who came forward suspecting they had been victimized.
So far, investigators have found no evidence that official insurance premiums or payout funds were directly embezzled.
The massive internal investigation was triggered in March after a rogue sales representative at a Yokohama City branch was caught borrowing a staggering 2.2 billion yen from roughly 100 customers. That employee was subjected to disciplinary dismissal for severe violations of company regulations.
Sony Life expects to conclude its full investigation by the end of November and plans to release a progress report in mid-September.
