Kajaria Ceramics uncovers INR 20 crore fraud in subsidiary

Kajaria Ceramics Limited announced on December 19, 2025, a fraud amounting to INR 20 crores discovered within Kerovit Global Private Limited (KGPL), a step-down wholly-owned subsidiary. The fraud, which occurred over the past two years, involved Dilip Kumar Maliwal, chief financial officer of Kajaria Bathware Private Limited (KBPL), a wholly-owned subsidiary, through embezzlement and siphoning of KGPL funds.

A complaint was filed with the Deputy Commissioner of Police, Economic Offence Wing, Delhi Police, and the Station House Officer, Police Station Badarpur, New Delhi, on December 18, 2025. In response, KBPL has terminated Maliwal's employment.

The company's board of directors will further address the matter to implement safeguards and prevent future incidents of this nature. The fraud's estimated impact on the listed entity is a loss due to the misappropriation of funds in KGPL.