TOKYO (TR) – Tokyo Metropolitan Police on Tuesday raided a headquarters of an affiliate gang of the recently troubled Yamaguchi-gumi as a part of an investigation into investment fraud, reports TBS News (Nov. 10).
Investigators entered the office, located in Yokohama, in search of evidence connected to a fraud ring that allegedly extended loans to individuals for the purchase of shares in companies that did not exist.
In connection with the case, police had already arrested Manabu Fukumoto, a 37-year-old Yamaguchi-gumi member, for fraudulently receiving one million yen in repayments of a loan from a 70-year-old company president in February of last year.
Fukumoto is a part of a large fraud ring that targeted elderly victims. Police suspect that the ring swindled about 150 victims out of 270 million yen, according to Nippon News Network (Nov. 10).