Wipro says employee embezzles funds, probe on | business | Hindustan Times
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Wipro says employee embezzles funds, probe on

IT major Wipro Technologies on Wednesday said it has detected embezzlement by one of its employees and the probe is on. The company did not give details of the fraud, but speculation was that it was around $4 million.

business Updated: Feb 18, 2010 00:56 IST

IT major Wipro Technologies on Wednesday said it has detected embezzlement by one of its employees and the probe is on. The company did not give details of the fraud, but speculation was that it was around $4 million.

"In December 2009, we noticed embezzlement by one of our employees. Pursuant to an investigation that is ongoing, steps have and are being taken by the company addressing the processes and people issues," Suresh Senapaty, executive director and chief finance officer of Wipro, said in a statement.

The statement did not give any other details.

The employee was working in the finance department and could have defrauded the company of up to $4 million, company sources said.

The company spokesperson declined to give details of the amount embezzled and whether a complaint has been lodged with the police or whether the employee has been handed over to police.