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Muthoot Finance Clarifies Fraud Incident Involving Subsidiary

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Muthoot Finance Clarifies Fraud Incident Involving Subsidiary

Muthoot Finance Ltd ( (IN:MUTHOOTFIN) ) has shared an update.

Muthoot Finance Limited has issued a clarification regarding reports of fraud involving its subsidiary, Muthoot Insurance Brokers Private Limited. The fraud, committed by the CEO and a former employee, involved the misappropriation of gift cards meant for employee rewards, amounting to Rs. 11.92 Crores. Although there is no direct financial loss to Muthoot Finance, the notional revenue loss is estimated at Rs. 31.28 Crores. The company has reported the incident to the authorities, and an FIR has been registered.

More about Muthoot Finance Ltd

Muthoot Finance Limited operates in the financial services industry, primarily offering gold loan products and other financial services. The company is a significant player in the Indian financial sector, focusing on providing accessible financial solutions to a wide range of customers.

YTD Price Performance: -1.45%

Average Trading Volume: 9,132

Current Market Cap: 876.6B INR

For an in-depth examination of MUTHOOTFIN stock, go to TipRanks’ Stock Analysis page.

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