9 Arrested in Japan for Soliciting Investments Illegally
Tokyo, Feb. 18 (Jiji Press)--Tokyo police arrested Tuesday the former chief and eight other former executives of a failed mail-order business operator on suspicion of collecting money illegally in violation of the investment law.
The 84-year-old former Kefir Inc. chief, Hideya Kaburaki, has admitted to the allegations, according to sources familiar with the police investigation.
Kaburaki and the eight others are suspected of collecting a total of 180 million yen from 19 people in their 50s to 80s in nine prefectures between April 2017 and June 2018 by guaranteeing principal and promising to pay high interest.
The Tokyo-based company is believed to have raised a total of 220 billion yen from some 44,000 people across Japan between March 2000 and August 2018, the sources said, adding that most of the funds have not been returned.
The police are considering accusing the nine of committing fraud in addition to violating the investment law, the sources said.
[Copyright The Jiji Press, Ltd.]