Shanghai police are investigating unauthorized sales of fixed income-based wealth management products by Shanghai Fanxin Insurance Agency Co, the city's largest insurance agency, after its general manager reportedly absconded to Canada with 500 million yuan ($81.8 million).

The Shanghai branch of the China Insurance Regulatory Commission said on Friday that it recently discovered Fanxin was selling unauthorized WMPs.

These investment products offer higher returns than bank deposits but also involve higher risk.