Aichi Prefectural Police have arrested three men whom they accuse of creating an illegal and fraudulent investment scheme regarding the collection of funds for a casino in the Middle East.
The three business executives of the Tokyo-based investment firm “Overseas” led by Kenji Hosoya are suspected of violating the Capital Subscription Law, collecting millions of US dollars from potential investors and promising them high returns.
However, police were alerted several years ago that something was amiss when investors began to complain that their money had disappeared, and they were demanding their capital back.
In fact, police say that Hosoya and his colleagues created a series of unregistered investment firms, including one called Uzu Capital Partners that received a warning in 2017 from the Financial Services Agency.
While active, the firm held seminars to collect funds for its alleged casino project.