Mahindra & Mahindra Financial Services discovered a Rs 150 crore fraud at a North East branch due to forged KYC documents leading to embezzlement.
Mahindra & Mahindra Financial Services discovered a Rs 150 crore fraud at one of its North East branches, involving forged KYC documents leading to embezzlement. The company postponed its board meeting and delayed the announcement of its Q4 results due to the financial fraud. The estimated financial impact is not expected to exceed Rs 150 crores, and corrective actions are being implemented, including arresting individuals involved.
April 23, 2024
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