SKS Microfinance shares will react following its admission of financial frauds to the tune of Rs 2.1 crore during FY-2013. The company said it is taking a slew of measures to prevent its employees from indulging in such offences. “Investigations are in progress and services of employees involved in the fraud have been terminated and the company is in the process of taking legal action,” according to the company’s latest annual report. The net impact of frauds comes to around 0.06 per cent ( vis-a-vis 0.51 per cent over last year) of the total amount disbursed by the company during FY-13. During FY 2012, some of the employees of SKS had swindled Rs 15.8 crore of company money by fraudulent methods.

Published on December 15, 2013