S. Korea uncovers biggest insurance fraud

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

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

Residents of the southern province of Gyeongsang posed as fake patients or exaggerated their illnesses to claim a total of 9.51 billion won ($10.36 million) from insurance firms, it said, adding 893 women were involved.

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