Three Arrested for Alleged 2.2 Billion Yen Investment Scam

On September 19, three individuals, including a 34-year-old lawyer, were taken into custody by the Nagoya District Public Prosecutors Office Special Investigation Division for allegedly defrauding 2.2 billion yen in cash through fictitious investment schemes.

The suspects, Hirokazu Saito, a lawyer from Kiyosu City, Aichi Prefecture, and Toshiki Onitsuka, an unemployed man living in Tokyo, are believed to have proposed fake investment opportunities related to government bonds to three elderly individuals between the ages of 63 and 79.

By early May 2024, the suspects allegedly convinced the victims to pay a total of 2.2 billion yen in cash as collateral, promising them investment gains six months later. The victims were instructed to transfer the funds to a savings account in Saito’s name.

The suspects deceived the victims by lying about the investment opportunities and the promised returns. The Nagoya District Public Prosecutors Office has not disclosed whether the suspects have admitted to the charges.

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