M&M Finance Detects Rs 150 Crore Fraud, Delays Board Meeting

  • Mahindra & Mahindra Financial Services Ltd (M&M Finance) uncovered a Rs 150 crore vehicle loan fraud at a North East branch.
  • The company discovered forgery of Know Your Customer (KYC) documents used to disburse fraudulent loans.
  • This led to embezzlement of company funds.
  • M&M Finance estimates the financial impact won't exceed Rs 150 crore.
  • Investigations are underway, with some arrests reported.
  • Due to this development, the board meeting scheduled to review financial results and approve dividends has been postponed.

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