Japan's biggest scam

Source: The Straits Times, 6/2/9, p.A10
Headline: Man accused of Japan's biggest scam arrested

Quote:
TOKYO: For a man accused of engineering one of Japan's biggest scams, Kazutsugi Nami looked calm and collected when police arrested him yesterday morning. ... Despite being hounded by the media in the past week amid speculation of this impending arrest, ... he appeared on television almost every day, protesting his innocence. ... "It is not a scam because we have a business plan," he said repeatedly.

Comment:
Mr Kazutsugi Nami's argument, when formally stated, says:

Premiss1: If (business plan), then (not scam)
Premiss2: Business plan
Conclusion: Hence, not scam

This argument has the valid Modus Ponens argument form. Premiss1 cannot be accepted as true. Having a business plan is not a sufficient condition for an enterprise to be not a scam. Indeed, the business plan could be precisely to con gullible people into parting with their money. The argument fails.