TOKYO (TR) – A 33-year-old male employee at Tokyo Tomin Bank was dismissed on Thursday after the emergence of an embezzlement scheme, the financial institution has revealed, reports NHK (Mar. 16).
Between February of last year and December, 2017, the employee of the bank, whose headquarters is located in Minato Ward, is alleged to have embezzled 18 million yen in funds earmarked for purchasing investment trusts and as reserves for inheritances from two customers.
The matter emerged when one of the customers approached the bank about suspicious activity on the part of the employee last month.
During an internal investigation, the employee said that he used the funds to cover losses in foreign exchange transactions, which is a violation of the regulations of the bank.
“We sincerely apologize to the victims,” the bank said in a statement. “We will do our utmost to enhance and strengthen our internal control systems to prevent a recurrence.”