Wipro fraud Case News: Wipro Employee 4 million fraud News
Wipro fraud: Wipro Employee 4 million fraud.A Wipro employee embezzled crores of rupees over the past three years, sending India’s third-largest software exporter Wipro India’s top 10 BPOs money to various bank accounts.The rise of multinational IT in India Key facts on India’s IT industry Top acquisitions in BPO space scrambling to tighten internal controls in the finance division where the fraud took place.The employee had been working with the company for the past three years in the ‘controllership’ division within the finance department. This cell is responsible for keeping the company’s financial books and also has powers to authorise payments whenever needed. The employee is believed to have embezzled about $4 million by stealing a password and transferring money from Wipro’s account at a bank.
Wipro has since disbanded the controllership unit. The fraud is believed to have cost the company about $4 million. Wipro officials have succeeded in recovering about half the money, but will still face a loss of about $2 million. Wipro officials discovered the fraud after receiving an alert about ‘overdraft’ transaction, even when the company’s accounts had sufficient balance according to the official records. The employee, whose name cannot be made public, siphoned off the company’s money to his personal savings accounts in multiple transactions worth anywhere between Rs 1 lakh to Rs 1.2 crore, and used the money to acquire jewellery, apart from making other investments, including buying land.
The employee stole password from a colleague and used it to transfer money to his and his family members’ personal accounts. While the company continues to believe that it was a fraudulent act committed by the employee, the issue raises questions about information security policies.
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