South Korea discovers the largest insurance fraud

SEOUL - South Korean financial regulators said Thursday they had discovered the fraud country's largest insurance, involving more than 1,300 people and three hospitals.

The scam was carried out by 1,361 people, including 31 workers insurance, the Financial Supervisory Service said.

Residents of the southern province of Gyeongsang posed as patients false or exaggerated their diseases demand a total of 9.51 billion won (10.36 million) from insurance companies, he said, adding 893 women were involved.

Last November, police found a similar insurance fraud involving over 400 people in Taebaek, a mining town in the eastern province of Gangwon.

AFP