TOKYO (TR) – A member of a criminal syndicate is among nine suspects in custody for allegedly targeting elderly people in the sale of used apartments at unreasonably high prices.
The suspects are believed to have defrauded victims out of more than 700 million yen, according to Tokyo Metropolitan Police, the Yomiuri Shimbun (Feb. 25).
Kanichi Ishii is the 42-year-old president of Kotobuki Real Estate. Ishii, who is also a senior member of an organization affiliated with the Sumiyoshi-kai, and the eight other suspects stand accused of fraud.
Between May and August 2023, Ishii and his accomplices are suspected of defrauding a total of 62.16 million yen from victims in their 70s and 80s living in Tokyo and Saitama Prefecture.
The suspects told the victims that they would receive rental income that would exceed what they would get if they deposited their money in a bank account.
They then sold three apartments that had been purchased for between 2.6 million and 3 million yen for between 20 million to 22.16 million yen.
Police have not revealed whether Ishii and the other suspects have admitted to the crime. They believe the funds were being funneled to organized crime.
“She had absolutely no idea”
Between June 2022 and October 2023, Ishii and his group are believed to have purchased properties at low prices and sold them to 39 elderly people for up to 17 times the purchase price, grossing a total of approximately 750 million yen, reports TBS news (Feb. 25).
In one case, a woman in her 80s who suffers from dementia purchased a unit in a 32-year-old apartment building in Kanagawa Prefecture for 16 million yen. According to a relative, Ishii and his accomplices had purchased the unit for 1.3 million yen, less than one-tenth of the price they sold it to the woman.
“She had absolutely no idea she’d bought real estate,” the relative says.
Ishii and his accomplices targeted elderly people using a “list specifically for the elderly.” According to police, the “list” contained tens of thousands of names, addresses and phone numbers.
Using information, the nine suspects made sales calls and visited homes. They brought gifts and took them out to eat to obtain detailed information about their financial situation. They then sold them studio apartments that were decades old and located in Tokyo and various prefectures, including Ibaraki, Gunma and Aichi.
The elderly victims are believed to be men and women aged between 70 and 94. Ishii and his accomplices targeted only those over 70 years old and lived alone.
Furthermore, they are believed to have varied the amount of money they defrauded depending on the elderly person’s financial situation, selling the property for up to 17 times the purchase price.
“She had absolutely no idea”
Takanori Sakai is a lawyer specializing fraud targeting the elderly. He says, “Elderly people living alone are particularly vulnerable. Their cognitive abilities can gradually decline without them even realizing it.”
As a countermeasure, he suggests the utilizing of an “adult guardianship system,” whereby relatives manage assets on behalf of individuals with impaired judgment.
Sakai says, “If there are any suspicious circumstances regarding the management of assets, please consider using the adult guardianship system. If an adult guardian is in place, you can say that you are terminating the contract.”
