Update: Yesterday we received an email from a representative from GAME stores, with the following statement:

"After a full investigation into this Ebay auction and contact with this individual, we're confident that this is not an employee of GAME and someone has been misrepresenting themselves on the Ebay website. Ebay were notified yesterday and the 'seller' retired his auction without selling any of the Xbox 360's."
Further to our reports of Xbox 360 bidding madness, it has emerged that UK computer game retailer GAME is investigating allegations that one of its store managers is selling eight Xbox 360 bundles on eBay. An auction, which closes tonight, is selling "brand new, factory sealed, Xbox 360 Premium Pack with three games". Eight units are claimed to be for sale. The sale is promised to be complete with receipt. Currently, the bidding is at £360.

With stocks of the new Xbox 360 console are already thought to be exhausted in the UK and with packs going for more than £600 a throw elsewhere on eBay, the suggestion that an employee of the retail chain is selling these on the side has angered some gamers.