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Head of failed tour firm Tellmeclub held on fraud

Jiji Press

Chikako Yamada

Jiji Press TOKYO (Jiji Press) — Police arrested on Wednesday the female head of failed discount travel agency Tellmeclub and a male employee for allegedly defrauding its main bank of about ¥200 million in loans by falsifying its financial conditions.

Arrested by the Metropolitan Police Department were Tellmeclub President Chikako Yamada, 67, and Toshiyuki Sasai, 36, who is in charge of accounting at the Tokyo-based company. They have largely admitted to the allegations, according to investigative sources.

Yamada and Sasai are suspected of submitting false earnings statements of Tellmeclub to Sumitomo Mitsui Banking Corp. to make it look as if the company had been financially sound. They allegedly swindled the bank out of the loans on several occasions around between late June and mid-September 2016 partly by lying that the company needed funds to charter aircraft.

The travel agency, which was already in negative net worth at the time, is believed to have used the funds to cover its operating costs.Speech

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