Just one employee involved in financial fraud: Wipro
BS Reporter / Bangalore Feb 28, 2010, 00:50 IST
Soaps-to-software major Wipro says its internal investigation has revealed the involvement of just one employee in the ‘fraud’ incident that it discovered in December last year. Soon after the incident came to light, Wipro had appointed an internal investigation team to investigate the embezzlement under the direct supervision of the company’s Audit Committee.
The team, the Bangalore-headquartered company said in a statement, concluded that, while the matter should be taken seriously, the amounts embezzled were not material from a financial reporting perspective, “given the size of the company and the scale of its operations”.
“The employee who engaged in the embezzlement, unfortunately, chose to end his life a few weeks after his actions came to light,” the Wipro management stated. The Bangalore railway police had said the employee, Anup Kumar Agarwal, had committed suicide on a railway track.
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