2 suspects on wanted list for massive SNS investment fraud turn themselves in

Two men who were on the wanted list for using social networking services (SNS) in a massive investment fraud case in which more than 90 people have so far been arrested, turned themselves in to police.

Police said the suspects, Yuki Kamiie, 30, and Kimiyoshi Yoshioka, 29, are believed to be two of the ring leaders, NHK reported. They are suspected of posing as financial advisers and encouraging a woman in her 20s to make false investments on social media between February and March of this year, and defrauding her of about 900,000 yen by having her transfer the money to a specified account.

Police said Kamiie and Yoshioka turned themselves in at Osaka prefectural police headquarters on Saturday night. A third man, Shinya Nakamura, 41, who is also believed to be one of the leaders, is still at large, police said.

Police said that 92 suspects from two groups based in Osaka allegedly defrauded people of cash by suggesting they purchase investment-related products on social media. The two groups used similar methods, such as recommending financial products called "binary options," which involve predicting whether exchange rates will rise or fall.

Osaka police have seized manuals and about 2,400 smartphones from 92 suspects and said their investigations show that the gang’s fraudulent activities netted them about 1 billion yen from about 150 unsuspecting investors.  

Members of the gang were assigned roles such as investment solicitors and complaint handlers.

© Japan Today