Overview
- Investigators say the suspects, including Chinese national and company executive Yang Xiaodong, 39, were detained on suspicion of fraud and forging or using private documents.
- Police estimate the group sold roughly ¥95 billion worth of gold between March and July 2025 by passing smuggled bars off as legitimate.
- The arrest warrants center on four transactions in March and April in which 37 kilograms of bars were sold to two dealers in Chiyoda Ward using bogus certifications for about ¥600 million.
- According to police and reporting, the bars carried counterfeit stamps bearing real manufacturers’ names, with paperwork presented to verify authenticity at buyback counters.
- Mainichi reports that much of the bullion was believed smuggled and that proceeds were largely converted to cryptocurrency, while the broader investigation continues.