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Police on Wednesday arrested the president and a former employee of failed travel agency Tellmeclub, which offered budget overseas tours, on suspicion of defrauding a bank of about ¥200 million ($1.76 million) in loans by window-dressing earnings data.

The travel agency, headed by 67-year-old Chikako Yamada, filed for bankruptcy in late March with debts of close to ¥15.1 billion, after collecting roughly ¥9.9 billion in advance payments from between 80,000 to 90,000 customers across Japan.

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