BlockBeats report: On June 20, according to Japan’s Kyodo News, Osaka Prefecture police arrested three men on suspicion of violating the Organized Crime Punishment Act for laundering illicit funds on behalf of an investment fraud ring. The three are alleged to have converted approximately 140 million yen from ten victims across six prefectures into stablecoins and other crypto assets to conceal the origin of the funds.
According to the Osaka Prefectural Police, the three individuals are "over-the-counter traders" who conduct peer-to-peer cryptocurrency transactions outside of exchange platforms and are suspected of involvement in money laundering activities amounting to billions of yen.