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Forgeries lead to hefty embezzlement

Date Posted: 2007-09-21

A former credit union employee who forged and falsified documents, then stole more than ¥10 million from customer accounts, is under arrest.
The man, Tsuyoshi Miyagi, was an employee of the Koza Credit Association Koza Branch when the illicit transactions took place. Confronted by Nago City police, Miyagi admitted to forging documents, then using the power of the bank to avoid suspicion, embezzled the money from credit association customers. He no longer is employed by the association.
Miyagi said he forged documents by using customers’ seals, then took ¥10 million from their time deposits. “Customers lost their seals and time deposits, and then I dissolved their accounts.” The embezzlements took place in February 2005.
The financial institution’s investigation says the amount of money embezzled is ¥120 million, not ¥10 million. Their finding is that 14 customers were swindled out of their money by Miyagi. Sources at the Koza Credit Association say Miyagi took money from one customer’s account, then returned it to others he’d previously defrauded in order to keep from being discovered.
The 47-year-old Miyagi, asked by police why he did it, and where the money went, said “I built my own house.”

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