The largest bank in Japan issued an apology on Monday for the suspected theft of over 1 billion yen ($6.6 million) from clients’ safe deposit boxes by an employee.
The bank, formerly known as Mitsubishi UFJ Financial Group, Inc., announced Monday that it was conducting an investigation and that roughly 20 of the 60 clients believed to have been impacted had documented thefts totaling 300 million yen, or almost $2 million. It stated that compensation was being negotiated.
The theft took place at two bank offices in Tokyo between April 2020 and the end of October of this year, when the issue was identified.
Junichi Hanzawa, the president and CEO of MUFG, informed reporters that the female employee in charge of keeping the safe deposit boxes and their keys is accused of abusing her position to steal money and other valuables.
“The case has shaken the very foundation of our banking business and undermined the trust and confidence of our customers,” Hanzawa stated. He expressed regret for worrying and upsetting MUFG clients.
The employee acknowledged stealing the funds and utilizing them for personal expenses and investments, according to MUFG.
Although she has not yet been arrested, she was fired and is assisting with the police investigation and the bank’s internal probe.
Dozens more customers came forward with reports of probable losses after the crimes became public, and the bank is attempting to confirm them, the statement added.
Laptops 1000The second recent instance alleging criminal conduct at a significant Japanese financial firm is the MUFG case.
Nomura Holdings admitted in November that a former employee had been detained on suspicion of robbing, attempting to kill, and setting fire to a client in Hiroshima.
When questioned about the MUFG thefts, the chief government spokesperson stated on Monday that a strong sense of public service and trust are essential to banking operations.
Yoshimasa Hayashi, the chief cabinet secretary, described the case as “extremely regrettable.”
