Kajaria Ceramics has reported a fraud at Kerovit Global Private Limited (KGPL), a step-down wholly-owned subsidiary. The fraud, involving embezzlement and siphoning of funds, amounts to ₹20 crore. An internal investigation revealed that the Chief Financial Officer of Kajaria Bathware Private Limited (KBPL) was involved. The company has filed a police complaint and initiated corrective measures.
Fraudulent Activity Uncovered
Kajaria Ceramics has discovered a fraud within its step-down wholly-owned subsidiary, Kerovit Global Private Limited (KGPL). The embezzlement and siphoning of funds occurred over the past two years, leading to a financial impact on the ultimate holding company.
Financial Impact and Investigation
The estimated amount involved in the fraud is ₹20 crore. Upon discovery, a complaint was immediately filed with the Economic Offence Wing of the Delhi Police on December 18, 2025. The matter is currently under investigation.
Personnel Involved and Corrective Actions
The Chief Financial Officer of Kajaria Bathware Private Limited (KBPL), Mr. Dilip Kumar Maliwal, was found to be involved in the fraudulent activities. KBPL has terminated his services. Further steps are being taken to implement safeguards to prevent similar incidents in the future.
Source: BSE
