Op risk data: Japanese restaurant payments firm swallows $700m loss
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Also: Bank of Baroda fraud filing; Wells’ Ponzi palaver; Swedbank’s Panama Papers payout. Data by ORX News
In July’s largest loss, Japanese advance payments and processing firm Zentoshin, many clients of which are in the hospitality industry, was found to have defrauded banks of around $695.6 million through loans obtained via fraudulent statements. The fraud was discovered when the firm entered administration on July 6, 2026, prompting banks to seek redress. Zentoshin’s profits had been declining
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