Fraud of Rs 150 crore has been detected in Mahindra Group’s finance company Mahindra Financial Services Limited. According to the information, this fraud took place in the company’s North East region branch. The company has postponed its fourth quarter results due to fraud concerns. Along with this, the company has also postponed the board meeting to be held today.
In the information given to the stock exchange by Mahindra Financial Services, it was said that the results for the quarter of March 2024 which were to be declared on April 23. They are being avoided. Also, the board meeting to be held today will also not take place at the moment.
Fraud happened in North East Region branch
In the information given by the company, it was said that a case related to retail vehicle loan has been detected in the North East branch of the company. The fraud in respect of retail vehicle loans distributed by the company involved forgery of KYC documents, leading to embezzlement of company funds. At present the company is investigating this matter. The estimated size of this fraud can be up to Rs 150 crore.
Company postponed board meeting
The company further said that due to pending matters, the fourth quarter results to be announced by the company on April 23 are being postponed. Also, the board meeting to be held on this day is also being postponed for the time being. Information about the developments on this will be given to investors in the coming time.
Mahindra Financial Services share
Shares of Mahindra Financial Services closed at Rs 279 with a decline of 1.50 percent on Monday. Its market cap is Rs 34,454 crore. The company had registered a profit of Rs 623 crore in the December quarter. The company’s income during this period was Rs 4,100 crore.
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