(20 second reading) Mahindra & Mahindra Financial Services Ltd., the non-bank lender, informed the exchanges late on Monday that a fraud to the extent of ?150 crore was detected at one of the company’s branches in the North East region.
The fraud pertained to retail vehicle loans disbursed by the company and involved forgery of KYC documents, leading to embezzlement of company funds.
M&M Finance detected the fraud during the January-March quarter and the detection was followed by arrest of the few people involved in the fraud. The people involved included an area business manager and other employees of the concerned branch of the company in the North East.