Tokyo/Singapore – In a shocking revelation, a Singapore-registered company, Sky Premium International, stands accused in Japan of orchestrating what authorities claim to be the country’s most significant scam to date. Four of its top executives now face arrest on suspicion of defrauding a staggering 135 billion yen (approximately S$1.2 billion) from over 26,000 individuals.
Allegations and Arrests
Fukuoka Prefectural Police have implicated Sky Premium International for purportedly violating Japan’s Financial Instruments and Exchange Act. The company allegedly operated as an unauthorized investment advisory firm, marketing a financial product named Lion Premium without proper authorization from Japan’s Financial Services Agency.
On February 22, Fukuoka Prefectural Police apprehended four executives, including Atsushi Saito, 45, identified as the company’s CEO, and Shinobu Mizushima, 59, noted as the chief sales officer. The arrests followed multiple police reports lodged across six prefectures by investors unable to retrieve their investments. Concurrently, civil lawsuits against Sky Premium are pending in various courts, including those in Hokkaido, Tokyo, and Osaka.
Regulatory Scrutiny and Legal Ramifications
Under Japanese law, suspects can be detained for up to 23 days without indictment, with the possibility of extension. Sky Premium’s troubles extend beyond criminal allegations, as the company faces legal battles in Singapore and regulatory scrutiny in Japan. Despite its registered address at the prestigious SBF Center in Singapore’s Central Business District, the office appeared vacant when visited by The Straits Times.
Elusive Leadership and Dubious Practices
Notably, Sky Premium’s director, Mr. Tan Albert, has evaded direct inquiries, directing attention to the company’s CEO. Mr. Tan, when approached at his residence in Serangoon, Singapore, claimed ignorance of any allegations against the company.
Dubious Operations and Marketing Tactics
Sky Premium commenced operations in Japan in 2013 before expanding to Singapore in 2018. Promising an exclusive lifestyle, the company enticed members with luxury privileges and personalized services. However, its business model, alleged to resemble a pyramid scheme, has drawn severe criticism and legal action.
Extensive Investigation and Financial Implications
Japanese authorities suspect that Sky Premium lured investors through a network of over 570 salespeople, leveraging social influence and false promises of lucrative returns. The police, spanning multiple prefectures, have initiated a joint investigation to trace the money trail, including potential diversion to a Hong Kong-based bank account.
Victims Speak Out
Numerous victims have shared their harrowing experiences, recounting how they were persuaded to invest significant sums based on false assurances and manipulated financial data. Amid the COVID-19 pandemic, Sky Premium exploited online platforms to expand its reach, further ensnaring unsuspecting investors.
Legal Actions and Online Presence
In response to regulatory action, Sky Premium’s Singapore website has been taken offline, while its Japan website remains accessible. Despite numerous attempts to reach out to the company, its social media accounts have remained dormant since 2022.