MUFG employee steals up to $12.9m from safe deposit boxes

At least 60 safe deposit box lessors are affected, the bank said in a statement.

A former employee of MUFG Bank stole customers’ assets from safe deposit boxes.

At least 60 safe deposit box lessors are said to have been affected, the Japanese megabank said in a press release posted on its website.

The market value of damages is between JPY1b to JPY2b (between $6.4m to $12.9m), based on the perpetrator’s testimony.

The perpetrator had been tasked with managing the safe deposit boxes and is said to have taken advantage of this position to open the safes without permission and steal their assets.

The employee– who was a front-line employee at the Nerima Branch and the Tamagawa Branch— has reportedly admitted to the act and has already been dismissed.

“We deeply regret this incident, view it with the utmost seriousness, and sincerely 
apologize to our customers and all other stakeholders,” MUFG Bank said in a statement.

“This act not only undermines the trust and confidence that customers have placed in us but also shakes the very foundation of our business, and our top priorities are to support,” it added.

MUFG said that the investigation is ongoing, and that it is consulting with the police and reporting to supervisory authorities. 

(US$1 = JPY154.45. As of 25 November 2024, 2:20PM)