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Japan's Securities and Exchange Surveillance Commission (SESC) is investigating Index Corporation, the parent company of game publisher Atlus, for allegedly improper accounting via fictitious transactions. SESC searched Index's headquarters in Tokyo, as well as its chairperson's home, on Wednesday morning.
Index reported that it earned a total of 18.3 billion yen (about US$190 million) last year from console/portable system games and smartphone games. However, according to those involved in the investigation, the company is under suspicion of exaggerating revenues using round-trip transactions.
Index posted a statement on the investigation on Wednesday. The company said that it cannot report on the ongoing investigation until it has gathered the facts. However, it said that it is cooperating with the authorities and will report on the facts as soon as it can. Index noted that it announced on May 15 that it established a fact-finding committee with legal and accounting experts.
Index was established in 1995, and was first listed on the JASDAQ securities exchange in 2004. It expanded into the game industry by acquiring Atlus as a subsidiary seven years ago, and Atlus is now a brand of Index Corporation and its privately held subsidiary Index Digital Media, Inc. Atlus has published many popular video game titles, including the Persona series, the Megami Tensei series, and the Snowboard Kids series.