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A former lawmaker and an acquaintance have been arrested over an allegedly bogus capital increase for Nippon Chuyu Corp., a Tokyo-based biofuel developer, prosecutors said.

Nippon Chuyu President Taizo Shibano, 59, a former Lower House member from the now-defunct Japan Renewal Party, and former President Daisaku Shimizu, 40, are suspected of falsely listing the company’s capitalization at ¥20 million in August 2009, when they applied to establish it.

They also falsely increased the capital to ¥1.25 billion in December that year, the Tokyo District Public Prosecutor’s Office said Tuesday.

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