Laxmi Goldorna House Limited Reports Fraud Involving Former CFO, Estimate Rs. 85 to 90 Lakhs Loss
Laxmi Goldorna House Limited announced that Mr. Jaykumar Patel, the former Chief Financial Officer of the company, has committed fraudulent activities involving the embezzlement and siphoning of corporate funds.The misconduct was discovered over a period of the last one year, which occurred during Mr. Patel’s tenure as CFO of the company.
The investigation determined that the fraud involved the siphoning of funds of Laxmi Goldorna House Limited (LGHL). The key details regarding the incident and the company’s immediate response are provided below.
| Particulars | Details |
|---|---|
| Nature of fraud | Embezzlement and siphoning of funds of Laxmi Goldorna House Limited (LGHL) |
| Person involved | Mr. Jaykumar Patel, Former Chief Financial Officer and Key Managerial Personnel |
| Time of occurrence | Over a period of Last 1 Year |
| Estimated amount involved | Approximately Rs. 85 to 90 Lakhs |
| Status with authorities | The Company is in Process of filing a complaint with appropriate authorities |
The estimated impact of the fraud on the listed entity is stated to be to the extent of the amount of fraud, which is approximately Rs. 85 to 90 Lakhs.
Regarding the corrective measures, the company stated that the matter will be put before the Audit Committee and Board of Directors. These steps are aimed at ensuring appropriate safeguards are put in place and proper checks and balances are established to avoid similar incidents in the future.
LGHL Stock Price Movement
Today, Laxmi Goldorna House Limited shares edged higher, closing at ₹245 after gaining ₹3.95, or 1.64%. The stock settled on a positive note, marked by a total traded volume of 46,949 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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