Wipro fraud by its own employee amounts to USD 4 mn, half amount recovered

Wipro, India’s third biggest IT service company has crumbled into $4-mn fraud that has been caused due to Wipro’s employee who had been working with it for the past three years. This is the case of felony which has embarked upon many questions upon the functioning of the company.

Wipro fraud was discovered in December when the officials got an overdraft transaction thus divulging into more enquiries. Wipro officially has accepted the case of fraud and has reported the involvement of one of its employees (name undisclosed) who is said to be working in controllership division within the finance department. Financial books were kept along with authorization to the payments were given by this particular cell.

The unnamed official who has been indulged in the Wipro fraud is said to have stolen a password and transferring Rs 1 lakh to Rs 1.2 crore to his personal

saving account that has been utilized by him in investments, jewellery, purchasing property etc.

Wipro has taken stricter actions to keep a clean chit. Wipro has officially recovered half of the fraud money but still owes a loss of $2million. Along with this, Wipro has demobilized the controllership division.

The internal as well as external investigations are going on parallel scale to get better results for Wipro fraud. A team of investigation experts along with the auditors is making way for stringent control of finances within the company. The existing audits are being investigated too to avoid any future loopholes.

Speaking on Wipro fraud, Mr. Suresh C Senapaty, Wipro’s CFO, has insured more alert in their monitoring system while hiring people for his company so that the pride he takes in Wipro’s work ethics can be implemented too.

It is notable that Wipro already is facing its ban from World Bank and more incidents like these will making the outsourcing companies to think again while investing in Wipro.

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