Japanese Police Arrest 4 Men Allegedly Behind $55 Million Crypto Investment Scheme

Jul 14, 2021 | Bitcoin News | 0 comments

japanese-police-arrest-4-men-allegedly-behind-$55-million-crypto-investment-scheme

Four alleged masterminds of the “Oz Project” have been arrested after duping investors across Japan for at least four years. According to investigators, the scheme raked in $55 million from about 20,000 investors, promising 2.5 times returns in four months.

  • Police in Aichi Prefecture, Japan, said Monday that four men have been arrested for defrauding investors in a cryptocurrency investment scheme called the “Oz Project.”
  • The police said the group had amassed at least 6 billion yen (approximately $55 million). According to local media, the number of victims is between 10,000 and 20,000.
  • According to investigators, the four men arrested were Shoji Ishida (59), Yukihiro Yamashita (61), Takuya Hashiyada (46), and Masamichi Toshima (52). Ishida is allegedly the operator of the Oz Project.
  • They allegedly lured investors by promising them that their crypto investments would increase 2.5 times in four months.

  • Investigators suspected that the group began duping people four years ago, holding seminars across Japan. The group allegedly told investors that their funds would be invested in cryptocurrency using an automated AI trading system, which in fact did not exist.

What do you think about this crypto investment scheme in Japan? Let us know in the comments section below.

News Source from news.bitcoin.com

Related Articles

Former Homeland Security agent joins Huobi Trust as COO

Former Homeland Security agent joins Huobi Trust as COO

Huobi Trust, a wholly owned subsidiary of Hong Kong-listed Huobi Technology Holdings, has hired former Homeland Security agent Robert Whitaker as its chief operating officer (COO). Whitaker began work at Huobi Trust last month as the firm's first COO, after a...

Fed governor says CBDCs remain ‘a solution in search of a problem’

Fed governor says CBDCs remain ‘a solution in search of a problem’

Chris Waller’s comments come after Jerome Powell said the Federal Reserve would be issuing a discussion paper on CBDCs. Chris Waller, a member of the Board of Governors of the Federal Reserve System, seems to think it’s unnecessary for the U.S. government to develop a...

Pin It on Pinterest

Share This