Police reveal more details on Japan’s $ 60 million cryptocurrency fraud

Police reveal more details about an alleged Japanese crypto scam that could have attracted between 15,000 and 20,000 mostly middle-aged investors.

Police reveal more details on Japan’s $ 60 million crypto scam

According to multiple sources, Aichi Prefecture Police are continuing to investigate a company called Project OZ after officers arrested four men believed to be the masterminds of the alleged fraud.

The bell ringer is said to be Shoji Ishida (59 years old). And according to Chunichi, police sources have information that Ishida first launched the initiative in the spring of 2017, when he allegedly began hiring “certified instructors” to organize “workshops” for investors to be held in various locations across Japan will invest. Some online promotions are also helping to recruit investors who expect a return of x2.5 from OZ Project’s AI-powered trading robots.

The media has published mixed reports on how many people may have been tricked into investing in the company, with Mainichi putting the number at 15,000 and Asahi at 20,000. Most agree, however, that $ 59 million to $ 60 million in investor funds appear to be at risk.

The police have told Japanese media that the OZ project appears to be purely “fictional” and revolves around an OZ point token – which does not appear to have any monetary value. Officials said the project doesn’t appear to have a blockchain network, and this is a common trait among proven crypto-flavored scams like the OneCoin project.

In September 2017, police said, Ishida ordered the instructors to delete posts and blogs they had written about the project as they were clearly aware that trouble was brewing.

However, the project appears to have been ongoing in the meantime, despite several civil lawsuits having been filed.

The alleged mastermins are all described as employees, and the oldest of the group, 61, reportedly tried to blackmail a victim who was about to go public and sent a warning through a third party like this:

“If you take this matter to the police, you will not be able to get your bail back.”

Tokai TV reported that police claimed the money was transferred to a foreign bank account, but the investigation continues while most of the alleged victims were “men and women of the same age” 50.

Tokyo Web quotes an anonymous “couple in their fifties” that they became aware of the “scam” project in early October 2017 and have since been involved in getting their money back. . Some of the suspected masterminds appear to have tried to mislead investors by claiming that they too were victims of “deception”.

OZ executives allegedly claimed that their project is backed and “monitored” by a “major Singapore-based crypto exchange” and that the transactions using AI have a “90%” profit.

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