Monday, March 30, 2020

A school in Osaka is being investigated over an alleged crypto scam

The Takeaway:

A school in Osaka, Japan, is being investigated by tax authorities for allegedly using school funds worth 100 million yen to buy cryptocurrency. The chairwoman of the school, who is in the center of this alleged scam stepped down back in June of this year. The school is also responsible for missing 2.1 billion yen that they got from selling part of its land.

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The Osaka Regional Taxation Bureau is investigating Meijo Gakuin Educational Corporation over an alleged cryptocurrency scam. The school authorities used its funds to invest in a cryptocurrency. The bureau is also investigating real estate brokerage company Sun Kikaku and other firms that might be linked to the alleged scam.

As per The Mainichi report, chairwoman of Meijo Gakuin, board members, and others used 100 million yen to invest in cryptocurrency. Those funds were set aside to cover the operations of Osaka University of Tourism. Earlier in June of this year, the chairwoman of the school resigned because of the case. 

The school earlier in 2017 sold part of its land for 3.2 billion yen, and the school deposited 2.1 billion yen out of those with Sun Kikaku. The brokerage company is yet to submit the statement of outstanding balance to the school. Mainichi cites its sources who believe that the money was remitted to a consulting company, which is run by an acquaintance of the former Meijo Gakuin chairwoman. 

Last month a school operator filed a criminal complaint against the former chairman and other firms over this case. 

The consulting company revealed that chairwoman of the school corporation instructed them to transfer the money into another account. Those funds were supposed to be used for the reconstruction of the high school building. Let us know in comments what do you think about this alleged crypto scam. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Ramon AnderSon
Ramon AnderSon
Ramon is a senior market research analyst who is very passionate about bitcoin. He has a degree in Applied Science from Assumption College, Worcester.

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