Fino Payments Bank share fell 7.5% Over Complaints of Cheating and Forgery 

Fino Payments Bank Shares fell 7.5% Over Complaints of Cheating and Forgery 

Fino Payments Bank shares price fell nearly 7.5% during trading hours on Thursday after the small-cap payments bank said it had received complaints of misappropriation of funds, fraud and counterfeiting.

 

In a stock exchange filing on September 20, the bank said it had received a potential fictitious investment from one of its customers in Mumbai and some dealers, distributors and others in Gujarat and Maharashtra. said it has received email complaints about non-receipt or repayment of investment funds. There are plans that appear to have been developed by some of his employees in their personal capacities.

 

Before filing the police report, the bank had asked KPMG to carry out a detailed independent investigation into the incident. The investigation to date has revealed fraud and misrepresentations by the suspects, which may have contributed to negligence and possible collusion on the part of the complainants.

 

The Banking Company asserts that none of the Complainants filed any complaint with any law enforcement agency against the Banking Company in pursuit of recovery, and that the Banking Company has suffered no profits or losses as a result of the incident. I understand that you are not. Additionally, the ongoing investigation does not incur any liability or impact on the bank.

Fino Payments Bank’s share price fell over 7.5 per cent from its previous close on the National Stock Exchange (NSE) to an intraday low of Rs 305.50.

 

 As of 2:20 pm, the stock was trading at Rs 320.40, down 3% from the previous closing price.

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