2 Chinese Arrested over Securities Account Hijacking

Tokyo, Nov. 28 (Jiji Press)--Japanese police arrested two Chinese nationals on Friday over a series of cases in which accounts at online securities firms were hijacked and used to manipulate stock prices.

It is not known whether the suspects, aged 38 and 42, have admitted to market manipulation in violation of the financial instruments and exchange law.

Over the matter, there were a total of 9,348 cases of fraudulent securities trades totaling some 711 billion yen from January to October, according to the Financial Services Agency.

The two were the first to be arrested in connection with the matter. They are believed to have profited by inflating stock prices and selling shares at higher prices.

The Metropolitan Police Department and others are investigating the suspects' involvement in the cases and whether an organization was behind them.

[Copyright The Jiji Press, Ltd.]