On March 24, 2025, the Eighteenth Shinwa Bank, a subsidiary of Fukuoka Financial Group, disclosed a shocking case of embezzlement involving one of its employees. A 32-year-old male employee was found to have illicitly withdrawn approximately 92 million yen (around $850,000) from a customer's account over four years. The bank held a press conference on the same day, with FFG President Itsuki and Eighteenth Shinwa Bank Head Yamakawa addressing the press and providing details of the incident.
The misconduct came to light after a concerned victim approached the bank on March 5, 2025, reporting suspicious activity in their account. "I had my passbook returned, but there were several withdrawals I was not aware of, and I became worried," the victim stated, highlighting the breach of trust that had occurred.
According to reports, the employee would obtain the customer's passbook and PIN, subsequently making unauthorized withdrawals. The money was allegedly used for gambling and repaying personal debts. The case has raised significant concerns about banking security and the integrity of financial institutions.
Fukuoka Financial Group's President, Itsuki, expressed deep regret over the incident, stating, "We apologize for the inconvenience and concern caused to our customers and the local community." The employee was dismissed following the incident, and the bank promptly reported the case to the Nagasaki Prefectural Police on the same day they announced the findings.
This is not the first instance of wrongdoing by employees at the Eighteenth Shinwa Bank. Just a month prior, another employee, a 58-year-old man, was found to have embezzled an estimated 50 million yen over 20 years under the guise of collecting payments for a supposed savings program. This pattern of misconduct has prompted Fukuoka Financial Group to take serious measures to prevent future occurrences.
"We will make company-wide efforts to prevent recurrence," Itsuki promised, as the bank struggles to regain customer trust.
The ongoing investigations will likely reveal further details about the extent of the damages and the measures needed to enhance security in banking operations. The financial sector is under scrutiny, with consumers questioning the safety of their accounts amid rising incidents of fraud.
The embezzlement scandal at Eighteenth Shinwa Bank raises important questions about oversight in financial institutions and the effectiveness of internal controls. The scandal underscores the necessity for stricter regulations and more robust security measures to protect customers' assets. As these revelations emerge, the Fukuoka Financial Group faces a challenging path ahead to restore its reputation and assure customers of their financial safety.
