Police in Tokyo have arrested eight men alleged to have run a cryptocurrency pyramid scheme that collected 7.8 billion yen (almost $69 million) from thousands of victims across the country.

According to a report from The Asahi Shimbun on Wednesday, the men were suspected by the police of breaking the country’s financial laws by not registering their business with the regulators and using cryptocurrencies to mask their actions.

The men had reportedly touted a bogus investment firm called “Sener” they claimed was be based in the U.S., and collected 29 million yen (about $2,55,403) in cash from nine people, between February and May 2017, in order to purchase bitcoins on their behalf, police reportedly said.

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