Bank employee steals over $6.6 million from safe deposit boxes

In Japan, an alarming case of theft has surfaced involving Mitsubishi UFJ Financial Group, Inc., the largest bank in the country. An employee allegedly stole more than 1 billion yen, equivalent to approximately $6.6 million, from customers' safe deposit boxes over a duration spanning from April 2020 until October 2023. The thefts became known when the bank initiated an internal review that exposed the misconduct. The bank officials revealed that, to date, verified losses from around 20 of the roughly 60 clients believed to be affected totaled approximately 300 million yen, or nearly $2 million. The individual implicated in this operation, a female employee responsible for managing the safe deposit boxes, reportedly exploited her position of trust to steal cash and valuables from clients. Following the discovery of her actions, the bank's CEO, Junichi Hanzawa, expressed deep regret and apologized for the incident which has potentially undermined customer trust in the banking system. The employee has since admitted to the theft, claiming that she intended to use the stolen funds for personal investments. The bank has confirmed the termination of the employee's contract and assured that she is cooperating with internal investigations alongside the Tokyo police, although no arrest has been made at this time. In the wake of the theft case, multiple other clients have come forward with additional claims of suspected losses, prompting the bank to intensify its verification efforts. Understanding the critical importance of maintaining public trust in financial institutions, the Chief Cabinet Secretary of Japan, Yoshimasa Hayashi, also commented on the case, labeling it as