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Can Fin Homes says employees committed financial fraud of ₹38.53 crore

Fraud, Bribery & CorruptionCan Fin Homes says employees committed financial fraud of ₹38.53 crore

Can Fin Homes Limited declared a financial fraud of ₹38.53 crore committed by the employees of the Ambala branch in an exchange filing on Thursday.

The internal team of the company has discovered that over a period of time, employees of the Ambala branch of the company committed fraud by transferring money to various personal bank accounts by misusing the authority granted to sign cheques. The fraud was detected on July 24, 2023.

Furthermore, the company estimates a one-time impact on profitability to the extent of the amount misappropriated but no impact on assets or asset quality.

An FIR has been lodged with the Jurisdictional Police. The necessary reports will be submitted to the appropriate authorities within the prescribed timelines. Based on a summary verification, the incident is found to be isolated to the said branch only.

Story from https://www.thehindubusinessline.com/

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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