Nippon Life Japan Staff Commit Fake Registration Scam

Nippon Life Japan Staff Commit Fake Registration Scam

Nippon Life Insurance Co. Ltd. discovered a case of fraud committed by its staff working on the business.

Ummatimes - The motive for the fraud was to apply for a false registration of the pension benefit reciprocal assistance system for small and medium-sized enterprises (SMEs).

It said that a total of about 65.5 million yen had been paid to 852 people under the fake contracts.

This is the third such fraud has been discovered, after 2014 and 2020.

Nippon Life will reimburse the entire amount to the Workers' Benefit Retirement Assistance Organization.

According to Nippon Life, a former sales manager in his 60s instructed 61 employees to enter into inappropriate contracts to increase their sales results.

It said contracts were signed with business operators who did not have actual jobs or businesses, and retirement benefits were paid illegally.