6 ex-Kinmirai Tsuushin officials held on suspicion of fraud+
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[November 26, 2009]

6 ex-Kinmirai Tsuushin officials held on suspicion of fraud+

(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Nov. 26_(Kyodo) _ Six former officials of now-bankrupt Kinmirai Tsuushin Inc. were under arrest Thursday on suspicion of fraud for allegedly swindling 120 million yen from investors over its Internet telephony services, police said.


Among the six was Shigeru Hioki, 44, who as senior managing director was the de facto No. 2 figure at Kinmirai Tsuushin, which was declared bankrupt in December 2006, the police said.

The Metropolitan Police Department said former Kinmirai President Masaru Ishii, 53, who is suspected to be the key figure in the fraud, has been missing since he left Japan for South Korea in 2006.


Ishii has been put on an international wanted list through Interpol since April 2007.

Investigative sources said the six suspects, in conspiracy with Ishii, allegedly swindled four investors out of about 120 million yen in 2006 promising to pay them lucrative returns on the basis of its Internet telephony operations.

In total, Kinmirai Tsuushin is suspected of defrauding some 4,000 investors of 60 billion yen, the sources said.

Kinmirai Tsuushin, which was established in Tokyo in 1997 as a firm selling furs and jewelry, launched Internet telephony services in 2002.

The company almost stopped paying returns to investors in November 2006.

A probe by the Ministry of Internal Affairs and Communications showed that the firm effectively has not provided any telecommunications services.

(c) 2009 Kyodo News International, Inc.

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