M&M Finance defers Q4 results after NBFC detects ₹150 crore fraud in its North East branch The Q4 earnings were supposed to be announced on today. The fraud was detected in retail vehicle loans disbursed by the company, leading to embezzlement of firm funds.;-Business today

 

Mahindra & Mahindra Financial Services has deferred its board meeting scheduled for today after a fraud worth ₹150 crore was detected at one of its branches in the North East region.

"During the end of 4th quarter of the financial year ended 31st March 2024, a fraud was detected at one of company’s branches in the North East. In respect of retail vehicle loans disbursed by the company the fraud involved forgery of KYC 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 Crores. Investigations are underway, and necessary corrective actions have been identified and are at various stages of implementation, including arrest of few persons involved," the NBFC said in an exchange filing.

The company following the development said the Board meeting to consider the financial results of the company for the fourth quarter and financial year ended 31st March 2024, recommendation of dividend, AGM and related matters, were being deferred to a later date.

The Q4 earnings were supposed to be announced today.

The Audit Committee and the board meeting will consider all other matters scheduled to be discussed at the respective meetings, the company said. This will include increase in aggregate borrowing limits and fund raise via issue of Non-convertible debentures, the company said.

The annual earnings conference call is also being deferred, the company said.

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