An estimated number of 900 luxury wristwatches have been reported missing in Japan after a site responsible for renting them out to clients, shut down and the owners fleeing to Dubai. The owners of the luxury wristwatches which included Rolexes and other pricey timepieces earned monthly deposit fees by loaning them out to Osaka-based Toke Match, which would then rent them to customers. On 31st January, the rental company, Toke Match, announced a termination of its services and promised that all luxury wristwatches in the company's possession would be returned to their owners. The company however, failed to do as stated but fled to Dubai with the watches. Tokyo police have obtained an arrest warrant for Toke Match’s owner, 42 year old Takazumi Kominato, on suspicions of embezzlement.
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The missing luxury watches are worth almost US$13 million and belong to a total of about 190 individuals. Local media reports that some of the watches have been spotted on an online auction site, prompting owners to file dozens of complaints to police around Japan. The auction site’s operator, Valuence Japan, said at least 20 watches it handled had serial numbers matching those loaned to Toke Match. The site operator also confirmed that half of the watches belonging to Toke Match had already been listed on the auction site before the company announced a termination of business in January.
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