India's Can Fin Homes says employees committed nearly $5 mln fraud (updated)

Can Fin Homes

25/07/2023 12:30

(Recasts, adds details on alleged fraud in paragraphs 2-4)
       BENGALURU, July 25 (Reuters) - India's Can Fin Homes
 CNFH.NS  said on Tuesday employees at one of its branches had
committed fraud of about 385.3 million rupees ($4.7 million) by
transferring funds to different personal bank accounts.
    The housing financier said it estimates a one-time impact on
its profitability of the same amount, without giving a timeline.
        It added that there was no impact on its assets or asset
quality due to the incident.
  
        The fraud was committed over a period of time and
detected on July 24, Can Fin Homes said. The incident was found
to be isolated to its branch in Ambala in the northern state of
Haryana.
  

($1 = 81.8748 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru; Editing by Sonia
Cheema and Nivedita Bhattacharjee)
 ((Kashish.Tandon@thomsonreuters.com;))