Insurance salesman dupes client of P.4 million

MANILA, Philippines - A former salesman of an insurance firm was arrested in an entrapment operation Monday after he allegedly withdrew almost P400,000 from a Binondo bank branch using a client’s name.

Benito Tan, 34, a former salesman of AXA Philippines Insurance Corp., was the subject of a complaint by Real Bank officials after they found he misrepresented himself as Nicolas Roque Jr. to be able to encash the latter’s check.

Meisic police station chief Superintendent Nelson Yabut and chief investigator Senior Inspector Danilo Salonga arrested Tan in Real Bank’s Arranque branch when Tan came to close the account.

Police said the real Nicolas Roque Jr., a policy holder of AXA’s “Honeypot Peso Insurance,” sought Tan’s assistance to recover his investment of P500,000 after he lost almost P80,000 from the insurance venture. Tan reportedly asked Roque to surrender to him his policy.

Tan was able to secure a Citibank manager’s check for Roque for P393,166.50, representing the remaining amount from his investment.

Tan then opened an account with Real Bank and introduced himself as Roque, making several withdrawals until only P20,000 was left.

Real Bank officials discovered the scam when AXA asked on behalf of the real Roque, who said he has not yet received any check from AXA.

At his detention cell, Tan admitted his offense but claimed he used the money for his child’s treatment. He said he will talk with bank officials to drop their charges in exchange for paying off the withdrawn amount.

Yabut said a certain “Wilson Yu” was also duped by Tan of P500,000 using the same modus operandi.

Charges of estafa through falsification of public and private documents and concealing his true name were filed against Tan.    – Nestor Etolle