Senior exec of insurer in alleged fraud sought

A senior executive of Chang An Property and Liability Insurance Ltd is wanted for allegedly defrauding 178 million yuan ($29.2 million), according to a media report.

Liu Zhi, vice chairman of the Beijing-based insurance company, is accused of swindling the insurer during a capital-raising exercise, the China Business Journal reported yesterday, citing information from police. But the newspaper didn't give any more details. Two senior executives of Chang An, China's first specialized liability insurer, told the newspaper that Liu is "currently abroad" and declined to comment on company's refinancing matters.

The company's registered capital hit 1.42 billion yuan in 2012, a huge jump from 360 million yuan when it was set up in 2007.

Chen Yi, former general manager of Shanghai Fanxin Insurance Agency Co, the biggest insurer in the city, fled abroad with 500 million yuan from selling unauthorized products last year. She was caught in Fiji and deported to China.