Wednesday, June 21, 2006

Man Arrested for Illegal Net Bank

Thursday, June 22, 2006

Man arrested for illegal Net bank

A 37-year-old man was arrested on suspicion of operating an Internet banking business without a license, police said Wednesday.

No Kum Sok, 37, a resident of Arakawa Ward, Tokyo, helped three South Korean women send a total of 557,000 yen to South Korea using the Internet in April and May.

No, who runs a shop selling South Korean goods, admitted to the allegation, saying, "I did it by myself because the business does not require anyone to act as a money trafficker."

Police suspect No was involved in about 1,400 illegal transactions worth 520 million yen since last March.
The Japan Times
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This story reminds me of the OFW Bank being conducted likewise via the Internet. I don't recommend it to my Filipino friends working overseas because it is illegal in principle despite the nobility of the intention of those running it.

A friend of mine in fact tried banking with it, but got disillusioned when his wife could not withdraw money from it, and so, he decided he wanted to withdraw his money sleeping in that bank for 2 or 3 years. When he did, the value of the dollar had gone down and the money returned to him was far less than what he paid for remitting the money to the said bank.

In short, he was hoodwinked, with his money getting undervalued and with no interest gained during the time his money was there. He wanted to sue the operators of the said bank but he thought it would be another loss of funds, so he gave up.

Now, Arroyo says she wants the OFW Bank to be a government entity! Patay!

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