Wipro fraud accused commits suicide

NEW DELHI: Anoop Agarwal, the employee allegedly responsible for a $4 million fraud at Wipro, is believed to have committed suicide, according to Bloomberg UTV.

Incidentally, Wipro’s audit committee was reportedly scheduled to meet today to discuss the fraud fallout.

Agarwal 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. Six employees are said to have been sacked for negligence.

Apart from setting up an internal investigation team, Wipro has also taken help from external auditors and investigation experts who will vet its processes and certify the soundness of its controls. The company is already engaged with an external agency for conducting assessment of the existing audit and other processes in order to verify any potential loopholes.

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