There have been some published reports that the Japanese mafia may have been involved in helping to hide the assets . NEW : Seven men arrested in connection with $ 1.7 billion Olympus Corp fraud . Ex - Chairman Ken Kikukawa and two other former executives indicted . Company executives hid $ 1.7 billion in losses in bad investments from the 1990s . Ex - CEO Michael Smith was fired in 2001 when he questioned shady practices .
NEW : Seven men arrested in connection with $ 1.7 billion Olympus Corp fraud . Ex - Chairman Ken Kikukawa and two other former executives indicted . Company executives hid $ 1.7 billion in losses in bad investments from the 1990s . Ex - CEO Michael Smith was fired in 2001 when he questioned shady practices .