Japanese police on Thursday arrested the 75-year-old head of a bedding company and 21 others suspected of operating an alleged $2.5bn Ponzi scheme that sucked in tens of thousands of people, the country’s largest ever such fraud. Kazutsugi Nami and other executives of L&G, which made bedding and healthcare products, are accused of running a pyramid scheme that promised investors annual interest of 36% and to double their capital after three years.

This entry was posted by Gwen Robinson on Friday, February 6th, 2009 at 5:15 and is filed under People. Tagged with L&G. Edit this entry.