Japanese education institution charged for misappropriating funds to invest in cryptocurrency

The Japanese educational institute Meijo Gakuin Educational Corporation is filing a criminal complaint against the company’s former chairwoman and other associates on suspicions that funds for the Osaka University of Tourism have been misappropriated to invest in cryptocurrency. The corporation had been issued a subsidy in 2018 from Japan’s Ministry of Education, Culture, Sports, Science and Technology to be used by institutions of higher education for current expenditures, totalling approximately ¥ 130 million. The Ministry has requested an explanation of the status of subsidy funds.