Former president arrested for allegedly defrauding bank of 1.1 billion yen through false financial statements, etc.

A 71-year-old former president of a Tokyo company that manufactures products made from recycled paper and plastic and has received an award from the Ministry of the Environment has been arrested by the Metropolitan Police Department on suspicion of fraud for defrauding banks of 1.1 billion yen in loans by submitting false financial statements.