New Delhi, April 24 -- M&M Finance has postponed its scheduled board meeting, originally planned for April 23, to discuss its fourth-quarter results. This came after the non-bank lender, informed the exchanges late on Monday that a fraud to the extent of Rs 150 crore was detected at one of the company's branches in the North East region. The fraud involved forgery of KYC documents related to retail vehicle loans, resulting in the misappropriation of company funds.
According to M&M Finance's notification to the stock exchange, the fraudulent activity has led to the misappropriation of company funds. The estimated financial impact of this deception is anticipated to be within Rs 150 crore, as stated in the exchange filing. In response to the...