Japan arrests two suspects in Cambodia-linked crypto fraud

Tokyo police have arrested two suspects, Saki Okayama, 31, and Mitsuki Minamisawa, 38, in connection with a cryptocurrency fraud scheme linked to a network based in Cambodia.

Investigators believe the suspects posed as Japanese police and prosecutors to target a woman in her 40s. The suspects allegedly claimed her bank card was involved in a money-laundering case and threatened her with arrest, instructing her to transfer cryptocurrency to ‘prove her innocence.’ The victim transferred assets valued at approximately 81 million yen (about $515,000).

Authorities suspect the suspects are part of a larger criminal organization operating out of Cambodia, potentially led by a Chinese national. Total losses associated with the network are estimated to have reached 240 million yen.