SAITAMA — Saitama Prefectural Police have arrested a 56-year-old man from Kyoto Prefecture for allegedly swindling a resident here out of more than 5 million yen by posing as a corporate executive in a bogus stock investment scheme, reports Nippon News Network (May 21).
Mikio Ichihara is accused of defrauding the victim, a man in his 60s, of 5.35 million yen in cash on April 24. Ichihara allegedly tricked the man by claiming the money was required as a “fee” to withdraw his previously invested funds.
Upon his arrest, Ichihara admitted to the fraud allegations. “I did it with the mindset of a part-time job, even though I suspected it was shady,” he told investigators.
According to police, the victim’s ordeal began in February when he clicked on a social media advertisement for stock investments. He was subsequently fed fake investment pitches by individuals, including a woman claiming to be an assistant at an investment firm, leading him to hand over large sums of money.
Ichihara later stepped in, posing as an executive of the fake company, to extract the final 5.35-million-yen payment.
The suspect also hinted at his involvement in a wider criminal ring, confessing to committing similar frauds across the Kanto, Kansai, and Kyushu regions. Police are currently investigating those connections to determine the full scope of the syndicate’s operations.
