The Tokyo Regional Taxation Bureau has filed a tax evasion compaint with the Tokyo District Public Prosecutors Office against the retired employee in Toshima Ward company. He is accused of stashing cash in Singapore and British Virgin Islands for over two years period, and having evaded about 270 million yen in taxes through his concealment of 760 million yen in income, through his overseas bank account. The name of the suspected man is not proclaimed to the public.
According to the accused man and other sources, in 2004 he opened an account in a Singapore bank, under his own name. Then he deposited there about 200 million yen he had inherited from his father. Through the bank he set up a paper company in the British Virgin Islands, and opened bank account with this paper company. To this account he wired additional assets of several hundred million yen, that was also part of his inheritance.
The money in the BVI paper company bank account, as well as 200 million yen in Singapore, were invested in various financial products. In the period from 2004 to 2005, the man earned about 270 million yen in his name and about 500 million yen through the BVI paper company. He himself commented on this fact, “As I conducted the trades overseas, I thought the tax authorities would not notice the profits I made. So I didn’t declare them. I regret I failed to declare the profits. As for the profits I made under my own name, I’ve already submitted a revised declaration.”
Concerning the profits made via the British Virgin Islands paper company, he said: “The company is owned by an acquaintance. I only gave advice to the firm. The profits made (through the company) are not mine.”