Police in Kitakyushu have arrested five men, including 58-year-old construction company president Takamichi Ishii, on suspicion of defrauding financial institutions of about ¥570 million through fraudulent housing loans. The group allegedly conspired to falsify employment records and personal identities, including one suspect who pretended to become a Buddhist monk and changed his name to obtain a ¥45 million “Flat 35” mortgage in December 2022. Investigators believe Ishii inflated construction cost estimates to pocket an additional ¥13 million and led about 20 similar scams totaling ¥570 million. Authorities suspect that some of the proceeds were funneled to the designated organized crime group Kudo-kai, and are continuing to investigate possible links to its funding network. Source: TNC
Photo from Photo AC
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