Tokyo tax authorities busted real estate-related $237M crypto scam

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Tokyo based Tax authorities uncovered a crypto scam involved in a real-estate based deal worth $237 million. 

At present, Crypto-related activities are illegal in China and also People Bank of China (PBoC) released a statement that all crypto-related transactions will be described as illegal acts. But still, people in China are active in crypto-related activities. 

A recent matter is coming from Tokyo, where people did illegally fund transactions with the help of crypto and also Chinese people were involved. 

Tokyo based authorities found that a real-estate company showed only 10 million yen of transactions officially but in fact, the company facilitated huge amounts of transactions ( in and out of the country) which was illegal & against the laws. 

“Tax officials found that for the three years until March 2019, three individuals living in China sent the equivalent of about 27 billion yen in cryptocurrency to the Tokyo company to have it converted into yen. The Tokyo company pocketed some of the yen as its commission.”, the blog read.

Published blog on this matter also confirmed that Chinese people who were involved in this matter were looking to invest their funds in the real estate industry of Japan. Agencies also believe that such kinds of incidents are very common and remain covered because of crypto use.  And this was one of the main reasons why Chinese authorities banned crypto-related activities across the nation. 

Nobuhiro Tsunoda, a retired National Tax Agency official shared his take on this matter and suggested to the Tokyo tax authorities to take suitable action with the tax authorities of China and also figure out the best possible measures to deal with such problems. 

Here it is worth it to note, the Japanese government has strict rules over the crypto industry but still, people able to trick the government authorities. There are huge expectations that there is some flaw in the tax measures. 

Read also: Russian parliamentarian seeking to regulate crypto mining