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A Wipro employee embezzled crores of rupees over the past three years, sending India’s third-largest software exporterscrambling 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.
Suresh C Senapaty, Wipro’s CFO, confirmed the incident. “This has been a case of embezzlement, which we discovered in December, and it’s very unfortunate that this person succumbed to this,” Mr Senapaty said. “The company has carried out an investigation and is undertaking actions with respect to stricter adherence to processes.”
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.
Mr Senapaty said the incident did not involve more than one Wipro staffer. “Our investigations have revealed that only this employee was involved, and nobody else in the team had any clue,” Mr Senapaty said.
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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