Whereabouts of Kinmirai Tsushin Boss Unknown
Note: Well with $30 Million dollars lets hope he knows how to be lost. I do hope the investors recover some of their lost investments.
Masaru Ishii, the president of the Internet-protocol phone service provider Kinmirai Tsushin Inc., which is suspected of defrauding about 2,000 people out of about 30 billion yen, visited China in late November, and his whereabouts are still unknown, sources said Monday. Ishii, 50, went directly to China after a visit to South Korea, before the company was officially declared bankrupt, the sources said.
The Metropolitan Police Department plans to obtain an arrest warrant for Ishii on suspicion of fraud. If he does not return to Japan, the MPD will ask Interpol to place him on its international wanted list. The MPD also plans to build a fraud case against former executives of the company.
Kinmirai Tsushin collected a large amount of money from investors by selling telecommunication servers and falsely promising investors returns through fees from IP phone users. Bankruptcy procedures began for the company on Dec. 20. The MPD searched Kinmirai Tsushin's headquarters in Chuo Ward, Tokyo, and about 20 other offices on suspicion of fraud on Dec. 4.
The police seized almost all 1,389 phone servers located at 94 relay stations across the country. Most of these servers were of an old type no longer used, meaning they cannot generate profits from fees. The MPD has questioned former Kinmirai Tsushin executives over what the company did with the money collected from investors. However, Ishii has been out of contact since he left for South Korea on Nov. 17.
The MPD's investigation found that Ishii entered China, where one of the company's servers is located as an overseas relay station. The MPD has concluded that Ishii instructed his employees to sell the old-type servers. When the arrest warrant is issued, the MPD said it will request related authorities to confirm Ishii's whereabouts and start preparations to place him on the international wanted list.
According to the Internal Affairs and Communications Ministry, Kinmirai Tsushin recorded sales of 18.1 billion yen in the business year ending in July 2005, with only 300 million yen of that from telecommunication fee profits from IP phone users.
Source: Yomiuri
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