Three people, including the head of a Tokyo-based consulting company, were arrested Tuesday for allegedly swindling a credit union out of some 160 million yen.
Sources close to the special investigative squad of the Tokyo District Public Prosecutor's Office said Akihito Shigaki, president of consulting firm NSK, and two others submitted in January copies of falsified income documents for a company run by an acquaintance to a credit union to extract about 98 million yen in loans for an affiliate.
The trio also extracted another 64 million yen in loans between March and April for a different company through similar means, the sources alleged.
The suspects planned to use the money to fund NSK and pay off its debts, the sources said.
NSK was established in 1985 and deals in the disposal of industrial waste as well as consulting. It had about 1.1 billion yen in sales for the year ending March 1999.
According to sources close to the case, Shigaki, 51, has close ties with several people in political and business circles.