Fraud update: two employees arrested, around 2-2.5 crore involved
SERVOTECH · price
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Servotech Renewable Power System has updated on an internal fraud involving two employees and an external party. Both employees, Mr. Gagandeep Rajora and Mr. Vijay Kumar, have been arrested by investigating authorities. The estimated fraud amount remains around two to two point five crore rupees. Authorities have recovered goods and cheques worth around seventy five point sixty-five lakh. The company has appointed an independent forensic auditor and strengthened internal controls. Investigation is ongoing.
Partial recovery of around 75.65 lakh made. Final financial impact pending investigation. Forensic audit and stronger controls underway.