TOKYO (TR) – Tokyo Metropolitan Police have arrested a 46-year-old man for allegedly running an illegal, unregistered investment scheme, reports TBS News (July 21).
According to police, Ryo Kagawa, whose occupation is unknown, coaxed victims with false claims of managing hundreds of millions of yen and working with the government.
Kogawa is accused of soliciting investments for a futures trading business in 2021 without the required state registration.
According to police, Kagawa targeted two men in their 40s, successfully convincing them to hand over a combined 3 million yen. He allegedly lured the victims by boasting, “There are over 100 investors, and 200 to 300 million yen has been collected.”
To further build trust, Kagawa claimed he was “working with the Ministry of Finance” and consistently generating high profits.
The scheme unraveled in April of last year when one of the victims contacted the police, reporting that Kagawa had vanished and cut off all contact.
Upon his arrest, Kagawa admitted to the allegations.
Investigators believe Kagawa used the same deceptive tactics to defraud multiple other individuals. Police suspect that only a small fraction of the collected funds was actually used for investment purposes, and are continuing to investigate the full extent of the scam.
