M&M Finance uncovers Rs 150 crore fraud, delays Q4 results

A fraud related to retail vehicle loans was discovered at Mahindra & Mahindra Financial Services Ltd.'s Northeast facility at the end of March-2024.According to an exchange filing by the company, the estimated financial impact of this fraud is expected to be under Rs 150 crore. The fraud involved forgery of KYC documents and resulted in the embezzlement of company funds.

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