Police on Tuesday arrested the 39-year-old head of G.O. group, a Tokyo-based group of investment firms, on suspicion of defrauding individuals out of more than 100 million yen through bogus investment scams.

An arrest warrant was served on Genta Ogami, founder and honorary chairman of G.O. group, at the Bar Association Building in Tokyo's Chiyoda Ward. Six other group officials were also arrested over the same allegations.

Metropolitan Police Department investigators said they suspect the group collected more than 30 billion yen from some 30,000 people across Japan -- mostly housewives and elderly people -- under the pretext of investment and swindled them of out of most of this money.