Rizing Fukuoka president Go Takenaka was arrested by Tokyo Metropolitan Police on Saturday along with three current employees of First-Consul, a Tokyo-based consulting company, and a former company employee on suspicion of embezzling ¥380 million.

The alleged illegal activities took place in July and October 2010, media outlets reported on Saturday.

The 36-year-old Takenaka, a certified public accountant, maintains his innocence, according to Rizing executive Shiro Kobayashi. The five suspects have denied the charges, the Asahi Shimbun reported.