TOKYO (TR) – Four men were arrested for allegedly defrauding over 100 elderly victims of some 260 million yen in a nationwide stock market scam, reports TV Asahi (Oct. 20).
Tokyo Metropolitan Police arrested Nobihisa Yamamoto, 73, and his three associates on suspicion of defrauding a 79-year-old woman in Kumamoto Prefecture and two others of 2.21 million yen from 2011 to 2014.
The suspects allegedly promised the victim on the telephone that she could purchase shares with only 20 percent of the amount paid since a loan would be taken out for the rest, police said.
Yamamoto and two suspects have admitted to the charges while one is denying them, police said.
Yamamoto and his associates would target elderly victims and falsely promise them newly issued shares and listed stocks without actually trading any shares, police said.
Police are continuing to investigate the case, believing the suspects could have defrauded over 120 victims across Japan of some 260 million yen.
The suspects moved their office every time they received a warning from the Financial Bureau of the Ministry of Finance, police said.