Mahindra & Mahindra Financial Services postponed a meeting for their quarterly and annual financial results on April 23 due to the discovery of fraud at some of their branches in the North East.
"During the end of the 4th quarter of the financial year ended 31st March 2024, a fraud was detected at one of the company's branches in the North East. In respect of retail vehicle loans disbursed by the company the fraud involved forgery of KYC (know your customer) documents leading to embezzlement of company funds.
The investigations in the matter are at an advanced stage. The company estimates that the financial impact of this fraud is unlikely to exceed Rs.150 crore. Investigations are underway, and necessary corrective actions have been identified and are at various stages of implementation, including arrest of few persons involved," the company said in an exchange filing.
The market is expected to react to companies' Q4 results.
This story is from the April 24, 2024 edition of The Business Guardian.
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This story is from the April 24, 2024 edition of The Business Guardian.
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