There’s a lot of talk about how seniors in Japan are a frequent target for scammers, but we shouldn’t overlook the dangers that prepubescent fraud also poses. Although admittedly much rarer, it can happen much like it did to one elementary student in Nagoya over the course of about a year.
It all started back when a boy was in fifth grade and was being teased by his classmates who accused him of being poor. While defending himself he let it slip that he had about one million yen in cash saved up at his home. It was money he saved up throughout his life, made up of gifts from relatives.
Shortly after, classmates began approaching him with things to sell. Over the course of the year, there were eight transactions for items that the boy was told would increase in value over time by three classmates. One item was a commemorative medal sold at the Port of Nagoya Public Aquarium for about 500 yen.
However, the boy was told that it was a special “custom-made solid gold” replica medal and that the current market value of gold was 9,000 yen per gram and bound to increase over time. The coin was of course no such thing, but the pre-teen’s surprisingly accurate knowledge of the gold market was apparently enough to convince the boy to buy it for 360,000 yen.
Another time, the boy was approached to purchase some “rare plastic money” for 250,000 yen. The exchange took place in the school restroom and the boy received a Canadian 10-dollar bill. It was probably purely a coincidence, but the boy was a sold a 2017 commemorative 10-dollar bill honoring Canada’s 150th anniversary that sells for about C$20 now in mint condition. It’s still a far cry from what he paid though.
▼ News report showing the medal and bill
By January of this year, the boy had spent about 930,000 yen of his savings. Realizing that he’d probably been had, he talked to his father about it. The father then notified the police who launched an investigation.
So far, the parents of two of the three boys who sold the items have apologized and repaid 250,000 yen. Meanwhile, readers of the news expressed shock that this kind of crime could be committed at such a young age and wondered what the cause was.
“These kids outdid adult scammers. They need a tough punishment.”
“I think if you’re doing this as an elementary student, your future is already written.”
“Even though it’s from gifts, I don’t think it’s good to let elementary students have close to a million yen freely.”
“It’s shocking that 12-year-olds have such a knack for fraud. If they can use that power for good, they might be really productive members of society.”
“Is this caused by poor education from the parents or the schools?”
“I’m worried about the future.”
“That kid had more saved up than most salarymen.”
“There seems to be bullying involved too. I wonder if this was more extortion than fraud.”
Considering the entire incident was triggered by an act of bullying, there might very well be some element of extortion to this. The police are currently interviewing everyone involved to learn more and the school said they are cooperating as well.
Whatever the situation is, it serves as a reminder to teach your kids about responsible money management at an early age.
Source: Chukyo TV, Metele, Oktaku.com
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- External Link
- https://soranews24.com/2024/03/07/nagoya-elementary-students-caught-defrauding-classmate-for-nearly-1-million-yen/
27 Comments
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Sanjinosebleed
The parents of the third child have refused to apologise and pay back the money! They should be jailed with their scumbag son!
factchecker
The next generation of swindlers and shysters. They've got a bright future ahead of them in corporate Japan.
sakurasuki
Wait, elementary school kids had 930,000 yen and his father have no idea how he spend it? Until finally that kids decide to talk with parent?
Gazman
Both of my kids have a similar amount of money in their bank, neither of them know about it & neither of them have access to it. I thought that was the norm…
Yubaru
Ok, so the 12 year old had been given that much money, over the years, and his parents didn't know about it, and if they did, just let him control it? Was it in a bank? Did he have the cash in his mattress?
These parents need to do some soul searching here about how they are raising their CHILD.
Yubaru
Your way is, I do believe, theirs it seems not. (Amounts vary too I would bet!)
GillislowTier
Why would you give an elementary kid access to that level of money just openly? The rich sure do weird things
wallace
Excellent for him to make his savings, especially for a school child but getting ripped off will teach him a valuable lesson. The parents of the children in the fraud need to reimburse him for his loss.
Laguna
When my son was in elementary school, he wanted a Play Station, which I refused to buy, so he saved his gift money and bought it himself. I was impressed and allowed him to keep it. He learned two lessons: how to target a goal and save to achieve it, and that video games are boring.
kohakuebisu
My kids do too, but they know about it because it was from their grandparents and we told them about it. While children should not see their grandparents as cash cows, its probably best to know about gifts while such grandparents are alive and compos mentis.
Giving kids access to large amounts of money as cash, even their own savings, is irresponsible. All that needs to happen is them get into playing a game and next thing you know it can be 10,000 yen Apple store play cards every week at Lawsons to buy clothes for their character. Lots of "legitimate" businesses target children.
Mr Kipling
¥360,000 for a fake gold coin is pretty bad but there are adults out there paying ¥1,000,000 for an imaginary Bitcoin.
Strangerland
If you can get me a bitcoin for 1 million yen I’m in.
also, all money is imaginary.
TokyoLiving
To the jail with those little clowns..
gokai_wo_maneku
The next generation of the Yakuza has appeared.
ian
Maybe the kids attended a summer camp for swindlers
Ken
@Yubaru
You know there is a holiday where adults like relatives or family friends give money in an envelope to children, not all children spend money right away as they get it, some save it for the future
nandakandamanda
Ojf, maybe you should not be advertising on Japan Today how much savings you have! It sounds as though you have turned out just fine though, and the money did not spoil you. It's easy to spend money, but 100x harder to earn it.
PS I have this rare gold coin that you can have cheap!
When I was teaching at a high school, I saw kids controlling others. One asked to go to the WC during class, but when he came back he was carrying milk and a bun. Another kid walked over to his desk and took them. I realized after some time that the first had actually been sent out to get the stuff, at his own expense. He was being bullied, and the bully was bullying him, but also testing the teacher in front of the class, in order to show how much he disliked 'English' and anything to do with it.
Abe234
The kids thought it was kinda fun, gullible, prankish, because they do t know the time, effort they stole.they swindled him out of his money but they stole the time, effort, and trust from him and the parents. It’s easy to pick up the post office book, card walk in, without the parents knowing, punch in the PIN number and take out the money. Parents don’t check the kids accounts every week or even every month.
kohakuebisu
He wasn’t given access or permission to take the money, he took the book/card without permission and made the withdrawal. It’s not the victims fault, or the parents.
Praise the two parents who have repaid the 250,000 yen but the third one, not sure if they can repay it but they should be held accountable. Financially accountable in some way.
Bart Fargo
Why does a fifth grader have 1million yen in a year??
I'm I the only one thinking that is really odd?
Mr Kipling
strangerland..
Me too. Sorry, missed a zero.
The wad of cash in my wallet seems pretty real.
Redemption
I have to give credit to the police here for taking it seriously. Honestly, where did the kid keep the money? If it was a bank, wouldn't there be red flags?
Garthgoyle
A fool and his money are soon parted.
Sounds like his parents and other relatives just throw money at him but never thought about teaching him how to properly spend any of it. Hopefully he's still has s chance to learn before he commit similar mistakes when he grows older.
Nibek32
I disagree with all the people throwing shade on the victim and his parents because he saved so much money. It’s common for kids to receive money for new years and even birthdays from parents and lots of relatives. But 1,000,000? Yeah, seems high, works out to be an average of around 800,000¥/year. It’s not unheard of though in Japan for grandparents to give loads of cash to their grandkids. There’s a whole generation of grandparents that got wealthy during the bubble years and are jettisoning cash as they get to the end of their lives.
Abe234
Bart FargoToday 03:34 pm JST
No. I would say if you diligently pop in a few man every month, the odd bonus, new year money. You could easily hit a million in 10 years. It works out at about 10,000 yen a year. Its less. If you put the child allowance away, it could be even more. 1 million yen isn't exactly a million dollars. It's only about $6500 ish. I think most American kids have a lot more for their college funds.
nandakandamanda
So the kid had saved up everything he'd received, just as parents usually advise, to 'Put it in the bank!'
Ten years old, at ¥100,000+ yen a year, but he must have lived frugally and appeared poor to his classmates. Too good. No fun even. But then he told them of his savings. Fatal.
Kids can be mean, and on the receiving end it can seem like there is no escape from them.
Hoping the remaining family can find it in their hearts to reimburse him, or if not in their hearts, in their sense of fairness. Hope they do not think he ratted on their kid.
justsomeguy8008
What? The power of fraud for good?