Tokyo Prosecutors Arrest AI Startup Leaders

TOKYO, Oct 10 (News On Japan) - Four former executives of Alts, an AI development company previously listed on the Tokyo Stock Exchange’s Growth Market, were arrested on October 9 on suspicion of falsifying financial statements.

According to the Tokyo District Public Prosecutors Office’s Special Investigation Department, among those detained was former president Chikayoshi Yonekura. The group is suspected of violating the Financial Instruments and Exchange Act by submitting a securities report that grossly overstated the company’s revenue.

Investigators allege that for the fiscal year ending December 2024, Alts reported sales of approximately 6.057 billion yen, despite actual revenue being only about 1.09 billion yen. The former management is believed to have orchestrated “circular transactions” with affiliated companies to inflate sales figures.

Prosecutors are continuing their investigation into the scheme, suspecting that the practice was part of a broader effort to mislead investors and boost the company’s stock performance following its listing.

Source: テレ東BIZ

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