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"Five consumer loan companies cashed in on 3,649 life insurance policies covering borrowers who committed suicide in fiscal 2005, indicating that moneylenders are abusing the practice of using customers' lives as collateral."

Q1. In the above sentence, how can the underlined part "indicating" be replaced if there is any other way?

Q2. Does "indicating" modify the whole sentence before "indicating"? In other words, can it be replaced as "Five consumer...in fiscal 2005, which indicates that ...collateral"?

Q3. Is "indicating" part of the participal phrase so that it has the same subject as the previous part "Five...in fiscal 2005"? If so, what should be the subject for "indicating"? Five consumer loan companies?? Isn't it strange??
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Q1-- you can also read indicating as which indicates
Q2-- yes
Q3-- indicating introduces the nonfinite (participial) clause. It has no grammatical subject; its semantic subject is the whole main clause.
Comments  
Dear Micawber,

Thank you very much for your explanations.
Fully understood!