Victim Blows the Whistle: 500 Million Yen Lost Under SMBC Group President’s Influence
Trust in the financial industry is shaken!
Fraud carried out using forged receipts and business cards with the bank’s name and seal
“I can never forgive that man who calmly deceived people for 15 years. The thought that he’s living comfortably now without returning 500 million yen makes me furious,”
reveals Mr. A, a man who manages several restaurants in Tokyo and other areas.
Recently, scandals in the financial industry have been occurring one after another. On January 16, Prudential Life Insurance announced the resignation of its president after more than 100 employees were found to have defrauded customers of approximately 3.1 billion yen. But the perpetrator Mr. A exposes this time is not an ordinary salesperson, but a former elite bank employee who served as the president of a group company of a megabank.
It was in the fall of 2010 when a tall man in a suit arrived at a long-established café in Ginza, Tokyo, wearing a gentle smile. Handing over his business card, he bowed deeply to Mr. A. His title read:
〈SMBC Loan Business Services Co., Ltd. Executive Director and Representative〉
Mr. A had been told by a friend that he would be introduced to an executive from Sumitomo Mitsui, and this café had been chosen as the meeting place. Upon meeting, the tall man, Mr. X, lowered his voice and proposed:
“Actually, we have investment slots that can only be offered to executives or special clients.”
SMBC Loan Business Services (now SMBC Operation Services Co., Ltd.) is a wholly owned subsidiary of Sumitomo Mitsui Banking Corporation that handles loan administration and related operations. Mr. X added:
“I used to be deputy president at Sumitomo Mitsui Banking Corporation. Now I’ve been seconded here as a director of this company.”
The special investments Mr. X offered included foreign currency investments in euros and stock investments in overseas companies and other complex financial products. He implied principal guarantees, which are prohibited under the Investment Law, and set an annual dividend target of 3%. At that time, long-term interest rates were in the mid-1% range due to the effects of the Lehman Shock, making it indeed an attractive offer.
Mr. X, who originally joined the old Sakura Bank, became a branch manager at Kanda after the merger that formed Sumitomo Mitsui Banking Corporation, and later served as a senior investigator at the head office. He was then seconded to SMBC Loan Advisor, and from June 2008 to May 2012, he served as executive director of Loan Business Services.
With funds available, Mr. A decided to proceed with the transaction with Mr. X in September of the following year. At another café in Ginza, he handed over 20 million yen in cash and received a receipt for transferred funds.
“Mr. X had told me beforehand, ‘Since this is a special transaction, it cannot be done through accounts that leave records.’ In return, he prepared a receipt bearing the name of Sumitomo Mitsui Banking Corporation. It had a revenue stamp and the bank’s corporate seal. He even brought it in an envelope with the bank’s logo, so I completely trusted him.”
From “FRIDAY”, February 13, 2026 issue
Interview and text： Hironori Jinno (Nonfiction writer)