The Tokyo Metropolitan Police have arrested nine individuals, including Kanichi Ishii, the 42-year-old representative of a real estate company named Joshi Real Estate, on suspicion of fraud in connection with elderly apartment investors. It is alleged that these individuals deceived clients, particularly elderly individuals in their 70s and 80s, into believing that investing in one-room apartments would yield more stable rental income than traditional savings in banks, and they promoted these investments under the guise of tax savings through inheritance. Approximately 62 million yen was reportedly obtained through these fraudulent contracts between May and August 2023.

The investigation revealed that Joshi Real Estate had acquired properties in Kawagoe, Saitama Prefecture, for 3 million yen and falsely claimed they were worth 22 million yen when selling to a woman in Tokyo. Similarly, two properties in Kanagawa were purchased for 560,000 yen, yet sold to a man in Saitama for a total of 40 million yen. Between June 2022 and October 2023, the company is suspected of generating sales of around 745 million yen from 39 elderly clients, most of whom lived alone. These tactics included posing as acquaintances to gather personal financial information under the pretense of 'end-of-life planning' assistance.

Efforts to contact the company revealed that the supposed office location in Shinjuku yielded no signs of operation, and phone calls to the registered contact number were met with a message indicating it was no longer in service. This case underscores the growing concern over scams targeting the elderly in Japan, particularly in the booming real estate market that lures vulnerable populations with promises of high returns and financial security.