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Fraud ring suspected of swindling 700 people in ‘always profitable’ forex scam

OSAKA (TR) – Osaka Prefectural Police have arrested a 38-year-old male member of a fraud ring that is suspected of swindling nearly 700 persons in a foreign exchange scam, reports the Sankei Shimbun (Feb. 22).

Thus far, police have accused Shiro Yonemoto of defrauding a man in Gifu Prefecture, aged in his 30s, out of 1.3 million yen last April and May.

The funds were for what was claimed to be an “always profitable” investment in foreign exchange markets that didn’t actually exist.

Police did not reveal whether the suspect admits to the allegations.

Shiro Yonemoto (Twitter)

Police believe the ring swindled 690 people out of 210 million yen. Last October, police arrested six other male and female members, including 28-year-old Shota Niwase, for soliciting over the telephone.

Niwase is among five of the suspects who have been prosecuted.

Yonemoto lives in Minami Aoyama area of Tokyo’s Minato Ward. His involvement surfaced during the investigation into the other members.

Police have learned that Yonemoto managed several bank accounts used in the crimes, leading them to believe he was the ringleader.