As per the latest reports, more details have been revealed around the cryptocurrency scam that took place in Japan. The reports revealed that the Japanese cryptocurrency scam had successfully lured a tremendous number of investors that were middle-aged.
According to the allegations, around 15,000 to 20,000 investors who were middle-aged were lured into the scam. As a result, a large sum of money was taken from the victims and now more details are coming in about the scam.
The reports suggest that the investigation is currently being carried out by the Aichi Prefecture police in Japan. They are currently investigating a case that involves an inquiry of a company that is called the OZ Project. The police is continuing with their investigation around the company following the arrest of four men.
The police authorities in the Aichi Prefecture have claimed that these four men were responsible for the scam. They were the masterminds behind the scheme that was plotted to lure around 20,000 investors. The police authorities are currently investigating all four individuals to get to the bottom of this case and find out exactly how they executed their plan.
According to the police authorities, the leader of the entire scamming project was Shoji Ishida, who is aged 59. One of the local media sources in Japan has released information they have managed to gather around the investigation.
The sources suggest that it was Shoji Ishida, who came up with the plan and masterminded the plan with the rest of the accomplices. He is the one who launched the initiative for the scam back in 2017 and brought all the masterminds together.
Following the launch of the initiative, Ishida started onboarding instructors who were certified and well recognized in the investment sector. After enlisting them, Ishida had the instructors hold seminars that were carried out all over Japan. The reason behind the initiative was to bring as many potential investors onboard as possible for the OZ Project.
Furthermore, the certified instructors also went for online promotions of the OZ Project to expose as many investors to the project as possible. These live and online efforts proved very helpful because as a result, the project was able to gather a huge number of investors.
The details reveal that through the OZ Project, the investors were communicated they would be able to make huge profits through its services. The OZ Project claimed that the investors could earn up to x2.5 profits if they used the OZ Project. The OZ Project was claimed to be a bot trading platform that performed automated trading based on artificial intelligence protocols.
The sources reveal that as a result of the scam, around $60 million worth of funds were expected to be at risk.