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Japanese police arrest 12 people in connection with a $ 1.8 million Fiat / Bitcoin fraud

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A joint investigation between Tokyo police and Hyogo about an alleged fraud involving a bitcoin of a value of 190 million yen led to the arrests of 12 people in total.

First reported by the Japan Times last week, the alleged scam involved a Tokyo-based marketing company – in its forties – rife with a group of crooks who were offering $ 200 million yen in cash for the equivalent of 190 million yen. bitcoin. The agreement was held in a Tokyo hotel on July 25, 2017, through an agent representing the executive.

According to the report, the defendants presented a suitcase containing 200 million yen, a majority in fake money, deceiving the agent in the process. Falling for the con, the bitcoin seller has transferred his cryptocurrency to a wallet account of an exchange operator in Yokohama. The men falsely claimed that they had not received the coins, according to the investigation.

Two days later, an accomplice of the accused approached the exchange to convert bitcoins into 174.2 million yen in cash, excluding the commission. Seven men who attended the meeting at the hotel, all in their twenties, were arrested by police last week. According to the Tokyo Reporter, five other suspects involved in the alleged con were also arrested, including 24-year-old Kenta Higashi, considered the brains of the operation.

During the investigation, the victim revealed that she had accepted the offer to avoid paying commission fees during the crypto-to-to exchange -fiat against an exchange.

After pioneering legislation that now recognizes bitcoin as a legal means of payment in the country, Japan is one of the largest cryptocurrency markets in the world. Against every day and crooks are to be expected.

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Recent figures from the Financial Services Agency, the country's financial regulator, reveals more than 3.5 million active cryptocurrency adopters in the country while the most traded cryptocurrency is Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin.

Image from Shutterstock.

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