Embezzled Funds 'Not Material', Claims Wipro

Wipro claims that while the recent embezzlement of funds should be taken seriously, the amounts involved were not material from a financial reporting perspective, given the company's size and scale of its operations.


The Indian company has also revealed that Anup Kumar Agarwal, who allegedly embezzled the funds, committed suicide. The chartered accountant's body was found on railway tracks on December 23, according to police authorities. The software company has been quiet about the embezzlement case since its reported discovery in December last year, despite the suicide of Agarwal. "The employee who engaged in the embezzlement unfortunately chose to end his life a few weeks after his actions came to light," says the company which spoke about the matter for the first time last Friday.


Wipro also says it has made key changes in its controllership team following an internal investigation conducted by the company's audit committee.


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