3 Arrested for Fukushima land scam
Three men from Tokyo have been arrested after after being suspected of selling off otherwise worthless forestry to buyers at over 1,000 times the actual market value.
In 2013, a woman in her 70s from Aichi Prefecture paid the men 16 million Yen (157,000 USD) in cash for a little over 500 sqm of forestry after they told her that she could profit from a rise in land value as there were plans to redevelop the land into an airfield to aid in the reconstruction of the disaster-hit areas. There were no airfield plans and the actual value of the land sold was closer to 16,000 Yen (157 USD).Read more