Allied LLC, an Osaka-based asset manager, is under investigation on suspicion it bilked Japanese investors, mostly housewives, using a currency trading fund, a police official said.
Investigators said a woman they declined to name who ran Allied seminars has disappeared after getting 300 people to invest ¥2.4 billion in the fund. The company stopped paying dividends in November.
"Allied was raided on Jan. 15 on suspicion of running a business without a license in violation of the Financial Products Trading Law," said Kiyotaka Kawamura, a police investigator in Kochi Prefecture. The police confiscated computers and documents. No arrests have been made, he said. Allied's phone number was disconnected.