Japan police investigate multiple SNS-based investment fraud cases

Police in Japan are investigating several instances of sophisticated investment fraud facilitated through social media.

In Ehime Prefecture, a female lawyer in her 60s was defrauded of approximately 15.7 million yen. The victim was lured by investment advertisements on social media and directed to use a fraudulent investment app. After seeing apparent profits displayed on the app and receiving a small initial payout, she was convinced of the scheme's legitimacy. The scammers eventually coerced her into handing over 14.9 million yen in cash to men who arrived in person to collect the funds.

In Saga Prefecture, a woman in her 40s lost over 10 million yen after being targeted by a man she met on social media. The victim was instructed to use a cryptocurrency app and was told that a 3 million yen tax payment was required to withdraw profits. After receiving an initial 20,000 yen profit, she made 18 separate transfers between August and September. The fraud was discovered after she consulted her family regarding difficulties withdrawing funds.