Tokyo Men Nabbed Over Suspected 'Special Eggs' Pyramid Scheme

Two Tokyo men were arrested Nov. 30 on suspicion of running a pyramid scheme where they told investors that they would be paid to buy and eat "special eggs," the Metropolitan Police Department (MPD) said, Hitomi Takai reported for Mainichi Shimbun.

Photo Insert: Police say that of the 10,000 or so people who have paid into the scheme, only around 20% have actually received eggs or been paid their share.

The MPD's community economy division has arrested Masaharu Minegishi, 58, a company head and resident of Tokyo's Minato Ward, and Masato Shiozawa, 63, of Chuo Ward.

Minegishi launched a pyramid scheme group in around October 2021 and is suspected of collecting a total of some 300 million yen (roughly $2.2 million) by targeting older people and others struggling financially due to the COVID-19 pandemic.

According to the police division, Minegishi used the business name "Myoko Minegishi" to promote his scheme, telling would-be investors at seminars and other occasions that it would "provide stable income like the (government's) business support subsidies for those who are struggling due to COVID-19."

He claimed that if investors paid 13,900 yen (approx. $100) a month for 90 eggs and introduced a new member to the circle, they would be paid 25,000 to 1.6 million yen (about $11,700) a month.

Minegishi was the head of the circle and Shiozawa is suspected of having worked at its executive office.

The pair have been arrested specifically on suspicion of using a pyramid scheme to collect a total of about 310,000 yen (around $2,770) from six people aged from their 50s to their 80s between October 2021 and May 2022. Minegishi is reportedly denying the allegations, while Shiozawa is said to have admitted to them.

Police say that of the 10,000 or so people who have paid into the scheme, only around 20% have actually received eggs or been paid their share. Minegishi had people buy eggs from him for 150 yen ($1.10) apiece, claiming that they were "highly nutritious, special eggs," though he had bought them for 15 yen (12 cents) each from a poultry farmer in Gunma Prefecture.

The same eggs were common at supermarkets at cheap prices.

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