Embattled Lower House lawmaker Takaya Muto on Wednesday dismissed an allegation that he was involved in investment fraud and said he had no plans to resign from the Diet.
A recent issue of weekly magazine Shukan Bunshun reported that Muto had asked an acquaintance to raise money to buy unlisted stocks, which would be purchased through a quota allocated to Diet members.
The article said Muto collected about ¥41 million from 23 investors to purchase the stocks. But it said the stocks were never bought, one of Muto's secretaries misappropriated about ¥8 million out of the total, and some ¥7 million had yet to be returned to six investors.