RBI Action: In a unique case of its kind, Manappuram Finance has faced action from the Reserve Bank of India (RBI). RBI has imposed a fine of Rs 41.5 lakh on Manappuram Finance for violating the rules. In fact, a woman officer working in the finance company had absconded after embezzling about Rs 20 crore. Since 2019, she was sending money from the company’s digital personal loan account to the accounts of her father and brother by taking fake loans.
This fraud has happened in Manappuram Comptech and Consultants
Manappuram Finance had informed that Dhanya Mohan, 18 years old working as Assistant General Manager in the company’s subsidiary Manappuram Comptech and Consultants, has committed a fraud of about Rs 20 crore. She has fled before the matter could be revealed. The company had also lodged a complaint against her in Valappad police station. Apart from this, KPMG has also been entrusted with the investigation of this case.
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