TOKYO (TR) – Tokyo Metropolitan Police have busted an investment company that is alleged to have defrauded investors after promising high rates of return, reports Jiji Press (Sept. 14).
Between September of 2009 and February of last year, Naoyuki Matsui, 47, the representative director of the company, is alleged to have received 11.37 billion yen in funds from 61 persons nationwide after claiming to offer rates of return of up to three percent per month. Of that accumulated amount, 8.55 billion yen was obtained fraudulently, police said.
Matsui, who has been accused of fraud, denies the charges, telling police he would like to speak with a lawyer.
Last month, police first arrested Matsui, Shigenori Owaku, 46, a manager at a company based in Shinjuku Ward, and three other persons for lacking a proper license under the Financial Instruments and Exchange Law. Owaku also faces fraud charges.
The suspects solicited investments by falsely indicating that their investment scheme included an arbitrage system “that was nearly free of risk,” according to the Asahi Shimbun (Aug. 25).