Kajaria Ceramics fired its CFO in Dec 2025 over a ₹20 crore fraud via fake vendors, prompting a police complaint and audit.

Kajaria Ceramics Ltd. terminated its subsidiary's CFO, Dilip Maliwal, in December 2025 over a ₹20 crore fraud involving forged documents and fake vendor accounts, with funds siphoned from Kerovit Global Pvt Ltd over two years. The company filed a police complaint with Delhi’s Economic Offences Wing, acknowledged internal control failures, and plans a forensic audit. Full recovery of funds is unlikely, though Maliwal has returned ₹60 lakh. The incident may impact earnings and prompted board review of safeguards.