In one of the biggest scams in Japan, the Tokyo police on Tuesday arrested AIJ Investment Advisors Company President Kazuhiko Asakawa, executive Shigeko Takahashi and two others on suspicion of defrauding pension funds of billions of yen in false investments.
They are suspected of cheating two pension funds of about seven billion yen ($90 million) last year by showing the clients false investment records, the NHK broadcaster reported.
Police said AIJ concealed the fact that it was already saddled with massive losses on past investments of other corporate pension funds.
During a sworn testimony in the Diet (Parliament) earlier, Asakawa admitted that he did present false investment records to clients, but denied any intent to deceive them.
Tokyo police plan to cooperate with public prosecutors and the Securities and Exchange Surveillance Commission to uncover the money flow and other details of the scam.
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