The Tokyo District Public Prosecutors' Office has arrested the former head of Tokyo Shogin Shinyo Kumiai, a failed credit union mainly serving South Korean residents, for allegedly embezzling 86 million yen from the union, the office said.

Arrested on suspicion of embezzlement was Kim Song Jung, 52, of Tokyo, prosecution officials said.

Since his arrest Monday, Kim has reportedly owned up to part of the prosecution's allegations, saying he took over from what his predecessor had been doing. Kim is the son-in-law of his predecessor, who ruled Tokyo Shogin for 27 years until his retirement in 1994.