Fraud suspect denies act was intentional

Chen Yi, one of the two former heads of an insurance company who allegedly defrauded over 3,000 persons, claimed that she did not intentionally commit fraud after a trial started Thursday, Shanghai-based newspaper Xinmin Evening News reported Thursday.

The hearing of two former heads of Shanghai Fanxin Insurance Agency Co accused of fundraising fraud was held at the Shanghai No.1 Intermediate People's Court, according to the report.

The Shanghai office of the China Insurance Regulatory Commission announced in August 2013 that Shanghai Fanxin Insurance Agency Co was selling unauthorized fixed-income financial agreements, media reports said.

Local prosecutors charged Chen and Jiang Jie, the two executives, with selling fake insurance products, leading to losses totaling 800 million yuan ($128 million) suffered by more than 3,000 victims, Xinmin reported.

Chen and Jiang stand accused of leaving the country with 830,000 euros ($1.15 million) in stolen company funds, according to Xinmin's report.