Police Raid Home of Chief of Failed Japan Life, Other Places
Tokyo, April 25 (Jiji Press)--Police on Thursday searched the home of the chairman of Japan Life Co., which went bankrupt after collecting massive amounts of funds from customers, on suspected violation of the specified commercial transactions law.
The raid on the home of Japan Life Chairman Takayoshi Yamaguchi, 77, in Bunkyo Ward in Tokyo was conducted by a joint investigation team of Tokyo's Metropolitan Police Department and the police departments of five prefectures, including Aichi.
The team is believed to have searched a total about 30 places in 12 prefectures.
Tokyo-based Japan Life, set up in 1975, engaged in a business scheme in which products including magnetic health equipment such as necklaces are sold to customers at millions of yen and it rents them out to other customers and pay a 6 pct rental fee a year to the original investors.
According to the MPD, the company allegedly failed to disclose information on its massive excess of debts over assets when it concluded a contract with a Tokyo woman in her 60s around August 2017.
[Copyright The Jiji Press, Ltd.]