Former Mitsubishi Electric CEO Son ‘Stole Crypto’

The son of the former CEO of Mitsubishi Electric has been arrested in a violent crypto robbery and kidnapping case in Japan – which saw a crypto holder allegedly locked up and beaten over a period of 20 days.

Per Weekly Bunshun, Kyoto Prefectural Police arrested eight men on suspicion of kidnapping, assault and confinement of a person. Police said this was part of an attempt to steal tokens worth about $0.75 million. Officers said Sugiyama Leo, 30, was the group’s leader.

Sugiyama Leo was described as a “business executive” and gym operator living in Osaka. And his father, the news outlet noted, is Takeshi Sugiyama, who served as Mitsubishi Electric’s CEO from 2018 to 2021.

The media reported that last June Sugiyama Leo learned that a member of a gym he managed in Osaka was in possession of a significant holding of crypto assets.

The police said that Sugiyama Leo and his associates confined this person to a room in a guest house. Here the victim was allegedly “tied up with tape and repeatedly assaulted”.

Officers stated that the victim was repeatedly “kicked in the head.” The assailants also allegedly “threatened to kill the victim’s family” if the victim “ran away or lied to them.” Eventually, the assailants were able to force the victim to hand over the crypto wallet’s private keys, officers said.

Police said the gang then proceeded to steal the crypto – but the victim was eventually able to escape. When he was free, the victim sought help from a “passer-by” near the guest house.

“Heinous Crypto Crime” Could Get Former Mitsubishi Electric CEO Jailed for 3-4 Years

The media quoted a former public prosecutor named Nobuo Gohara as stating:

“This was an exceptionally heinous crime in which the defenseless victim was assaulted in captivity. The perpetrators extorted a large amount of money from the victim.”

Gohara believed that if convicted, a prison term of at least three to four years was “inevitable” for Sugiyama Leo.

Mitsubishi Electric was established in 1921 and is one of Japan’s largest electrical goods companies. The company is one of the core units of the Mitsubishi Group – one of Asia’s most lucrative family-run business groups.

Last month, a Tokyo-based woman in her eighties was allegedly scammed out of $748,000 in crypto by a scammer who claimed her bank account was hacked.