A former section chief at a used car sales company in Nagoya has been arrested on suspicion of defrauding the company of approximately 7 million yen through fictitious transactions.

The arrested suspect is a 40-year-old former purchasing section chief at GoodSpeed, a used car sales company headquartered in Nagoya.

According to police, the suspect was running a side business purchasing and selling car navigation systems, but allegedly pretended to deliver these systems to GoodSpeed and defrauded the company of about 7 million yen.

Police have not revealed the suspect’s response to the allegations. Since the suspect was responsible for product procurement and management at GoodSpeed, the company was unable to detect the fraud.

The total damage from fictitious transactions is believed to exceed 150 million yen, and police are investigating whether the suspect used the embezzled funds for hostess club entertainment and luxury brand purchases.

Nagoya

Nagoya is a major city in central Japan, historically part of the Owari Province and home to the powerful Oda and Tokugawa clans. It is renowned for Nagoya Castle, a 17th-century fortress built by the shogun Tokugawa Ieyasu, which was a key political and economic center. Today, the city is a modern industrial hub, famous for its manufacturing, including the Toyota Motor Corporation.

GoodSpeed

Based on the context, this likely refers to the Goodspeed Opera House in East Haddam, Connecticut. Founded in 1876 by William H. Goodspeed, it is a historic Victorian theater situated on the Connecticut River. It is renowned as a premier institution for developing new American musicals.