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Wipro Finance Staff Embezzles US$4M From Firm's Bank Account

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Wipro Finance Staff Embezzles US$4M From Firm's Bank Account

by CFO Innovation Staff, 17 February 2010
topics:
Finance and Banking
tags:
fraud Wipro
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A Wipro employee has been accused of embezzling about US$4 million by stealing a password and transferring money from the company's account at a bank, reveals India's Economic Times.

 

The Times reveals the employee, who had been working for three years in the finance department's controllership division, embezzled crores of rupees during that period.

 

“This has been a case of embezzlement, which we discovered in December, and it’s very unfortunate that this person succumbed to this,” Suresh C Senapaty, Wipro’s CFO told the Times. Senapaty says the company has launched an investigation and is taking actions to ensure stricter adherence to processes.

 

Wipro has disbanded the controllership unit because of the incident, says the Times. The company also plans to more regularly rotate employees working in sensitive functions within the finance department.
 

Original Article URL: 
Wipro rushes to plug gap after $4-m fraud
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CFO Innovation Staff
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