Bank President's Name is Hanja Wande... Bank Employee Steals 10 Billion Won from Customer Safe [Curiosity Lab]

Massive Theft Incident at Mitsubishi UFJ Bank in Japan
Female Employee in Her 40s Steals Valuables from Customer Safes Across Branches
60 Victims and Losses Exceeding 10 Billion Yen Expected to Rise
Stole Valuables Using Spare Safe Deposit Box Keys and Used Them for Investment Funds

A theft incident involving 10 billion yen occurred at a major Japanese bank known as the real-life model of the bank featured in the popular Japanese drama "Hanzawa Naoki." A bank employee used a spare key to customers' safe deposit boxes to steal valuables inside. The number of affected customers has reached over 60. Although the bank president issued a public apology, the exposure of the crime method has revealed the bank's lax internal controls, and the repercussions are expected to continue. Coincidentally, the bank employee who pursues justice in the drama is named Hanzawa Naoki, while the real-life bank president's name is Hanzawa Junichi.

Mitsubishi UFJ Bank building exterior. Bank website

◆Bank President Hanzawa bows head over 10 billion yen theft affecting 60 customers

Hanzawa Junichi, president of Mitsubishi UFJ Bank, and the management held a press conference on the 16th, stating, "The theft of safe deposit box customer assets by an employee is a serious issue that shakes the foundation of trust and credibility in banking business," and "We sincerely apologize." The incident came to light through customer consultations in October reporting discrepancies in their safe deposit box contents. According to the bank's investigation, from April 2020 to last October, a female executive in her 40s, A-san, who was responsible for counter operations at two branches in Tokyo, committed the theft. After admitting to the crime, A-san was dismissed, and the bank referred to the perpetrator as an employee.

A-san was in charge of managing the safe deposit boxes and used spare keys kept at the branches to unlawfully open over 60 customers' boxes and steal cash and other assets. The amount stolen is known to exceed 1 billion yen (approximately 9.3 billion KRW), and it was a solo crime. The safe deposit box service rents boxes inside the bank's vaults at branches, used by customers to store valuables such as securities, passbooks, certificates, and jewelry. Annual fees range from about 15,000 yen to 30,000 yen depending on box size. Customers can freely access their boxes during the bank's business days. Mitsubishi UFJ Bank operates this service at about 300 branches nationwide, with approximately 130,000 contracts.

Regarding the theft incident involving approximately 10 billion won, Han Ja and Junichi, the president of Mitsubishi UFJ Bank Japan, are holding a press conference with the management team to apologize. Photo by AP=Yonhap News

◆40s employee embezzled 10 billion yen over 4 years

Both customers and the bank held keys to the safe deposit boxes. The bank kept spare keys in case customers lost theirs, and A-san used these spare keys to commit the crime. The spare keys were stored in envelopes stamped by both the customer and the manager. Opening the envelope should leave traces, but A-san appears to have cleverly opened the envelopes to remove the keys. The bank stated, "Although it was supposed to be checked whether the envelopes were damaged, the verification method was not specific." It was also revealed that the stamps were not compared, nor was the registered seal verified. A-san reportedly used the stolen valuables for personal investments. The bank has compensated affected customers about 300 million yen so far and plans to continue compensation. The scale of damage is expected to increase as investigations proceed. After requesting 1,700 customers at one branch to check their safe deposit boxes, about 70% visited the branch to verify, and dozens reported possible damage.

The headquarters of Mitsubishi UFJ Financial Group, the parent company, and Mitsubishi UFJ Bank in Tokyo, where a theft incident involving approximately 10 billion won occurred. Photo by Reuters, Yonhap News.

◆Amid mounting calls for accountability, resignation status undecided

The bank stated in a press release that the causes of the incident included ▲problems with procedures, rules, and inspection systems ▲issues with facility management ▲problems with branch operations and internal controls. To prevent recurrence, they plan to ▲review all procedures related to safe deposit boxes and strengthen management systems ▲enhance employee monitoring and mutual checks within branches ▲strengthen headquarters-level monitoring systems ▲reestablish employees' awareness of legal compliance. Notably, they plan to stop managing spare keys at branches and switch to centralized management at headquarters starting January next year. Regarding whether he and other executives will resign, President Hanzawa said, "We will specifically review this as part of clarifying responsibility," withholding further comment. In Japan, criticism of the bank is rising after such an absurd theft occurred at a mega bank. A famous manga artist posted on social media before the press conference on the 16th, "The bank employee who committed the theft was disciplined and dismissed on November 14, but the perpetrator's name has not been disclosed yet (in Japan, suspects' real names are often revealed)," and questioned, "Such a huge theft happened at one of Japan's representative mega banks, yet there is no explanation?"

'Hanzawa Naoki', which aired on Japan's TBS and attracted attention. TBS website

◆‘Hanzawa Naoki’ achieves explosive ratings vs. Bank President Hanzawa faces massive financial scandal

"Hanzawa Naoki" aired on TBS Sunday Theater during prime time, with Season 1 and Season 2 each consisting of 10 episodes broadcast in the third quarters of 2013 and 2020, respectively. Based on Jun Ikeido's "Hanzawa Naoki" series, it depicts Hanzawa Naoki, who joined the mega bank formerly known as the Industrial Bank of Japan (now Tokyo Central Bank), fighting against corruption, factional disputes, and wrongdoing within the bank without yielding. Famous lines include "I will repay you double what you did to me!" and "Gratitude and repayment are important." The drama recorded explosive ratings and became a phenomenon in Japan.

In Japan, it is widely said that the bank in the drama is modeled after Mitsubishi UFJ Bank because the author worked at Mitsubishi Bank. President Hanzawa attracted attention when he took office in April 2021 because he became president of the bank that inspired the character Hanzawa Naoki. Before becoming president, he was an executive director, and he was the first in the bank's history to be promoted directly from executive director to president, surpassing 13 senior executives including vice presidents and managing directors. Moreover, the author and the bank president joined Mitsubishi Bank in 1988 as classmates. However, both the author and the president have never met, and the author said the name Hanzawa was not based on any specific person.

Mitsubishi UFJ Financial Group (MUFG) is the largest financial group in Japan in terms of assets and market capitalization among the three major mega banks (Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho). MUFG was formed in 2006 by the merger of Tokyo Mitsubishi Bank (born from the 1997 merger of Mitsubishi Bank and Tokyo Bank) and UFJ Bank (born from the 2000 merger of Sanwa Bank and Tokai Bank). MUFG participated in a capital increase of Morgan Stanley during the 2008 global financial crisis, acquiring partial management rights, and in 2012, it further acquired shares from JP Morgan Chase, becoming Morgan Stanley's largest shareholder. MUFG's assets amount to approximately 3,800 trillion KRW, about seven times that of Korea's largest bank. It employs 31,756 people.