TOKYO - Two men, including the head of the Japan Cycling Association, have been arrested by the Metropolitan Police Department on suspicion of defrauding two men in Kagoshima Prefecture out of 30 million yen by falsely promising a massive return on a purported patent-related investment.
The suspects were identified as Keiichi Nagasawa, 77, head of the Japan Cycling Association, and Eiki Nagatomo, 60, president of a company that promotes itself as a technology development firm.
Police allege that in 2023 the two men told the victims that 30 million yen was needed to file a patent application and promised that if they provided the funds, they would receive 600 million yen in return. The suspects are accused of obtaining a total of 30 million yen in cash from the two men through the scheme.
According to investigators, Nagatomo allegedly created the impression that he held patent rights related to bicycles and other technologies. Police say Nagasawa further reinforced the claim by presenting documents that falsely suggested the Japan Cycling Association intended to purchase those patent rights for 10 billion yen.
Investigators said the suspects even showed the victims a fabricated letter of guarantee to convince them that the transaction was legitimate.
The Metropolitan Police Department has not disclosed whether the two suspects have admitted to the allegations.
Source: TBS
