Police have arrested the leader of a gang believed to be responsible for stealing over 3 billion yen by selling non-existent bonds to vulnerable and elderly people.
The man, who has been named as 28-year-old Kenji Matsushita, is accused of offering to sell fictional bonds to elderly victims on the promise of buying them back at a better rate on a future date, Fuji TV reported. In one such case in May of this year, police say he was able to fraudulently receive 20 million yen from an 83-year-old woman in Saitama.
Police had been searching for Matsushita, who handled all of the group's stolen funds, but had been unable to trace him until earlier this year when an anonymous source wrote, "A Tokyo fraudster is spending millions of yen in a Sapporo cabaret club," on an Internet forum. Police say this information led to his eventual arrest on Monday.© Japan Today