Tokyo police arrest 8 over alleged 20 bil. yen investment fraud

Tokyo police have arrested eight people for suspected investment fraud that they say saw about 3,300 people swindled out of some 20 billion yen ($152 million).

Kota Morino, president of Tokyo investment consulting firm FRich Quest, and the seven others are alleged to have defrauded investors between 2016 and 2022 by promising high returns on their money managed through a Seychelles-based company.

The suspects had promised a 4 percent monthly return on investments and urged those who did not have money to invest to borrow from consumer loan companies, according to the police.

Many of the invest...