Four suspected masterminds of the “Oz Project” were arrested after defrauding investors across Japan for at least four years. According to investigators, the program has raised $ 55 million from about 20,000 investors and promises a 2.5x return in four months.
- Police in Aichi Prefecture, Japan said Monday that four men were arrested for defrauding investors in a cryptocurrency investment program called the “Oz Project”.
- Police said the group had amassed at least 6 billion yen (about $ 55 million). According to local media, the number of victims is between 10,000 and 20,000.
- According to the investigators, the four men arrested were Shoji Ishida (59), Yukihiro Yamashita (61), Takuya Hashiyada (46) and Masamichi Toshima (52). Ishida is reportedly the operator of the Oz Project.
- Reportedly, they lured investors by promising them that their crypto investments would grow 2.5 times in four months.
- Investigators suspected that the group began cheating on people and holding seminars across Japan four years ago. The group reportedly told investors that their funds would be invested in cryptocurrency that actually didn’t exist using an automated AI trading system.
What do you think of this crypto investment scheme in Japan? Let us know in the comment section below.
Photo credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.