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Bank manager arrested for arranging own financing

Date Posted: 2003-04-12

A Kaiho Bank branch manager was arrested on suspicion of fraud after he arranged a bank loan for himself and a friend, by using the friend's mother's time deposit as the collateral without her knowledge.

The 51-year-old manager reportedly contacted his 43-year-old friend and proposed the scheme. He told investigators that he needed money for a business venture but did not have assets of his own to back up a loan. The friend also wanted money, but his mother had refused to give him any.

Using the mother's official seal, the two then were able to take a 20 million loan from the bank in 1998. As the money ran out they arranged for another 13 million loan that they obtained in March.

The mother became suspicious, though, and complained to police. A subsequent investigation revealed the scheme. The bank fired the manager immediately, and both men were arrested.

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