Four Japanese men have been arrested by the Aichi Prefectural Police division on allegations of “cheating money” according to a report by local news platform Asahi.
The accused men defrauded over 2000 crypto investors in Japan, obtaining around 6 billion Yen ($54.3 million) from the scheme.
Shoji Ishida, Yukihiro Yamashita, Takuya Hashiyada, and Masamichi Toshima wooed investors with the “OZ Project”, an Artificial Intelligence (AI) system that reportedly trades crypto.
Investors were promised a minimum monthly interest rate of 60%.
Investments were also touted to increase 2.5 times in four months with the help of the AI trading system, but it turned out to be a scam.
Some victims have also filed lawsuits against the OZ Project in Tokyo and Nagoya.