Former CEO of Index Corporation Arrested for Fraud

Masami Ochiai, former president and CEO of Index Corporation has been arrested by Japanese authorities on charges of dupery and fraud. According to the Japanese investigators, Ochiai changed the company’s financial records despite being sold off to Sega Sammy Holdings last year.

According to news reports, the 4 billion yen profit shown on Index’s records of the Q3 of 2012 doesn’t actually exist and have been made up. Investigators also believe that Ochiai fraudulently reported business transactions that never occurred in order to avoid the removal of Index from JASDAQ.

Though Ochiai claims that he has not been engaging in fraud, but the investigators are not at all believing him and all the charges are suiting well against him.

Index Corporation is the parent company of Atlus Games, who are known for the Persona series games.