07:54 AM EDT, 07/09/2024 (MT Newswires) -- An employee of MUFG Bank, a unit of Mitsubishi UFJ Financial Group ( MUFG ) , is being investigated for allegedly leaking tender offer details and other information about the bank's client companies to family members, Japanese media reported Tuesday.

Japan's Securities and Exchange Surveillance Commission suspects that the employee's relatives have netted millions of yen from trading with the insider information, reports said. Regulators reportedly raided the home of the employee, as well as the head office of the bank.

The employee allegedly told a family member about a client's prospective tender offer before the bid became public, according to reports. The suspect is also believed to have leaked insider information to relatives several times up to 2023, reports said.

MUFG Bank has reportedly confirmed to media outlets that such an investigation is ongoing, and that it intends to cooperate with authorities. The bank did not immediately respond to MT Newswires' request for comment.

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