A growing number of victims of different fraud investment have come forward to file their complaint. Many people are being victimized by individuals who offer an enticing opportunity to earn money. According to reports, the victims were offered investment prospects that could give them good earnings.
In 2016, the Japanese newspaper Japan Times has featured the investigation on two alleged individuals that created a fraud-related investment scheme. The local prosecutor from Nagoya asked for a court order to freeze the assets of two suspects regarding the investment scheme. The victims reported that the preparatory offering fraud investment scheme.
There are two individuals being investigated due to the Japanese forex scheme they offer to people who would like to invest. One of the suspects, named Masaaki Ito, is a 48-year-old manager working for a company that organizes trading seminars. He has also been accused seven times because of embezzlement. 160 clients of his clients have filed a complaint which gave him a track record. The clients have suffered damages amounting to 1.9 billion yen (17 million US dollars).
The officials have been investigating the perpetrators based on the complaint of the victims. According to reports, the two suspects have defrauded the investors with 11.7 billion yen (104.9 million US dollars).
About the case
According to the police investigations, 3,000 retail investors have been scammed with more than 100 million dollars. The complainants said they were given an assurance that the invested funds they paid for will be used in real trading. They were persuaded to invest their money because of the promised that they will get a guaranteed monthly returns of the invested capital which is 3 per cent.
Masaki Ito and his partner who has not been named yet never used the money as promised. They have not engaged in any transactions with the funds they accumulated from a lot of their investors. The Japanese authorities managed to secure 270 million yen. An amount of 6 billion yen was used to refund the contract cancellations to give the investors their money back. The prosecutors are still investigating other matters regarding the case to determine what happened to the remaining 5.56 billion yen.
Tracing the fraud investments
The prosecutor’s office puts on their high hopes to track the remaining funds missing. It could still be in the possession of the suspect but the investigators must issue a warrant that would allow them to freeze the assets.
An inquiry was scheduled for May 2016. The prosecutors must prove to the court if the assets of the suspects came from fraudulent transactions. The money being retrieved from the assets will be distributed to the 3,000 victims of the investment scheme.
The investigators have located some of the remaining funds by tracing the bank deposits made in Japan and abroad. The amount of recoverable money cannot be confirmed yet since the investigation is currently running.
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