Japanese Police Arrest Two Suspects in Crypto Fraud Scheme Impersonating Officers

Japanese authorities have arrested Saki Okayama (31) and Mitsuteru Minamisawa (38) for their alleged involvement in a fraud ring that impersonated Osaka Prefectural Police. The suspects reportedly coerced a woman in her 40s into transferring approximately 81 million yen (about $515,000) in crypto assets by falsely claiming her bank card was linked to money laundering. Police suspect the criminal organization is based in Cambodia, with potential ties to Chinese nationals, and estimate the total losses from cases involving the two suspects to be around 240 million yen (about $1.53 million).