Kajaria Ceramics Subsidiary CFO Accused of ₹20 Crore Fraud
Kajaria Ceramics reported fraud by its subsidiary's CFO, Dilip Kumar Maliwal, involving ₹20 crore in embezzlement from Kerovit Global Private Limited over two years. Maliwal has been terminated, and a complaint filed with Delhi Police is under investigation.
A fraud of this nature, involving a CFO and a considerable sum, directly impacts the company's financial health, governance perception, and investor confidence, warranting a high impact assessment.
The announcement details a significant financial fraud involving a key managerial person and a substantial amount, which is inherently negative for the company's reputation and financial standing.
Kajaria Ceramics Limited has disclosed a significant fraud involving its step-down wholly-owned subsidiary, Kerovit Global Private Limited (KGPL). Mr. Dilip Kumar Maliwal, the Chief Financial Officer of Kajaria Bathware Private Limited (KBPL), a wholly-owned subsidiary of Kajaria Ceramics, has been found to have committed fraud through embezzlement and siphoning of funds from KGPL over the past two years.
The estimated amount involved in the fraud is ₹20 crore. This incident has been reported to the authorities, with a complaint filed with the Deputy Commissioner of Police, Economic Offence Wing, Delhi Police, and the Station House Officer, Police Station Badarpur, New Delhi, on December 18, 2025. The matter is currently under investigation.
In response to the unearthing of the fraud, KBPL has terminated Mr. Dilip Kumar Maliwal from its service. The company also stated that the matter will be presented before the appropriate Committee of the Board of Directors to implement further safeguards against future occurrences.
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Kajaria Ceramics Limited filed this with the NSE as a statutory disclosure, categorised under fraud/defaults disclosure. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Kajaria Ceramics Limited. Read the original for the full detail.