Mahindra Finance Q4 results: A financial fraud has been detected at the North East branch of Mahindra & Mahindra Financial Services during the end of the fourth quarter of the financial year ended March 31, 2024, the company informed the exchange in its filing on Monday.
Mahindra Finance reported a fraud of approximately Rs 150 crore in its retail vehicle loan portfolio at one of its branches in the northeast. The fraud involved forgery of KYC documents and embezzlement of company funds. As a result, the company has deferred its board meeting to approve the financial results for the March quarter and 2023-24. Investigations are ongoing, and corrective actions are being implemented, including the arrest of some individuals involved.
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