Taiju Life Insurance former employee arrested for 120 million yen fraud

A former sales employee of Taiju Life Insurance, 66-year-old Masae Suzuki, has been arrested on suspicion of defrauding approximately 20 customers of a total of 120 million yen.

Investigators allege that in July 2024, Suzuki deceived an elderly male customer by falsely claiming that switching to a new insurance product would be more beneficial. She reportedly persuaded him to cancel his existing policy and then had approximately 5 million yen transferred into her own bank account. Suzuki has admitted to the charges, stating she used the funds for living expenses and credit card payments, including travel costs.

To avoid detection, Suzuki allegedly forged company receipts by purchasing stationery and applying the Taiju Life Insurance seal herself. Police are continuing to investigate the full extent of the fraud and potential additional crimes.