A Wipro employee working in the ‘Controllership’ division in the finance department was found to have transferred funds from Wipro’s account for the last three years. Following this shocking incident, IT major Wipro has tightened all its financial division internal controls.
Wipro noticed this incident in December and are now following up to recover the money. Though Wipro has successfully recovered half the money, it would still face a huge loss of around $2 million.
Suresh C Senapaty, Wipro’s CFO mentioned, “This has been a case of embezzlement, which we discovered in December, and it’s very unfortunate that this person succumbed to this.” He also added, “Our investigations have revealed that only this employee was involved, and nobody else in the team had any clue.”
One would wonder how a huge sum of $4 million would go unnoticed if a transaction takes place. Wipro states this has been happening for the last 3 years so how did the audit that happens every year couldn’t find out this deficit. Wipro always claims and takes pride about its work ethics and strict control of processes and regularities. This incident should have definitely brought in a massive awakening.