MUFG Japan Apologizes for $6.6 Million Theft from Safe Deposit Boxes
Japan’s largest bank, MUFG, admits to theft of $6.6M by an employee, affecting dozens of clients. Investigations and compensation efforts are underway.
Japan’s largest bank, Mitsubishi UFJ Financial Group (MUFG), has apologized after discovering an employee allegedly stole over 1 billion yen ($6.6 million) from customers’ safe deposit boxes. The thefts occurred between April 2020 and October 2023 at two Tokyo branches.
So far, the bank has confirmed losses of 300 million yen ($2 million) from 20 clients, with investigations underway to verify claims from around 60 more. Compensation plans are being worked out for affected customers.
The employee, a female manager in charge of handling the safe deposit boxes and their keys, is suspected of abusing her role to steal cash and valuables. MUFG’s president and CEO, Junichi Hanzawa, expressed deep regret over the incident, stating: "This betrayal of trust strikes at the core of our banking operations."
Advertisement
The employee admitted to the thefts, reportedly using the stolen funds for personal expenses and investments. She has been dismissed from her position and is cooperating with the bank’s internal investigation and police probe. Despite this, she has not yet been arrested.
The scandal has prompted dozens of additional clients to report potential losses, which the bank is actively verifying. MUFG has vowed to strengthen its internal security measures to prevent such incidents in the future.
This case has drawn significant attention as it follows another major financial scandal in Japan. Last month, a former employee of Nomura Holdings was arrested for robbery, attempted murder, and arson involving a client in Hiroshima.
Government officials, including Chief Cabinet Secretary Yoshimasa Hayashi, have criticized the MUFG case as “extremely regrettable” and emphasized the critical need for trust and accountability in banking operations.
MUFG is now working to restore confidence among its clients and ensure tighter safeguards to prevent similar breaches going forward.
Also Read: Jeff Bezos’ $20 Billion Challenge to SpaceX Intensifies with Trump’s Return to Power
