Singapore-Registered Company Allegedly Behind Japan’s Largest Investment Scam, Defrauding 26,000 People of $1.2 Billion

TOKYO/SINGAPORE – Sky Premium International, a Singapore-registered firm promoting luxury membership perks, is at the center of Japan’s largest investment fraud case, accused of swindling 26,000 people out of ¥135 billion (S$1.2 billion). Japanese authorities allege the company conducted unauthorized investment activities, promising substantial returns to investors under the guise of a financial product called “Lion Premium.”

On Feb. 22, Fukuoka Prefectural Police arrested four senior executives, including CEO Atsushi Saito and Chief Sales Officer Shinobu Mizushima, following multiple complaints from investors across Japan who were unable to retrieve their funds. This investigation, involving police from six prefectures, marks one of Japan’s largest joint efforts against a suspected Ponzi scheme. The authorities suspect the funds may have been funneled into a Hong Kong bank account, though it’s unclear if any legitimate trading occurred.

Sky Premium’s Singapore office at Shenton Way appears vacant, with neighboring tenants noting it has rarely been used. When questioned by The Straits Times on Feb. 27, director Tan Albert claimed no knowledge of the allegations, directing queries to the company’s CEO. Sky Premium, which began operations in Japan in 2013 before expanding to Singapore in 2018, promoted itself as an exclusive club offering luxury experiences, but is now alleged to have operated as an illegitimate “pyramid scheme.”

The company’s network of around 570 agents, including professionals like bank officers, attracted investors by guaranteeing positive returns—an assertion that is now under heavy scrutiny. Despite a suspension order from the Tokyo District Court in 2021, its website in Japan remained active as of Feb. 28, though its Singapore site has since been taken offline. Singaporean authorities have been contacted for further investigation.