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Mahindra Finance detects ous stages of implementation, includ- of 15-22 basis points in India's current
ing arrest of few persons involved. account deficit-to-GDP ratio in 2023-
Rs. 150 crore fraud in ve-
"In view of this development, the 24, it said.
hicle loans agenda matters pertaining to approval However, it added that if the low lev-
Mahindra & Mahindra Financial Ser- of the audited standalone and consoli- els of discounts prevail, India's net oil
vices (Mahindra Finance) said it has dated financial results of the company import bill could widen to $101-104
detected Rs 150 crore-fraud involving for the fourth quarter and financial billion in 2024-25 from $96 billion in
forgery of Know Your Customer (KYC) year ended March 31, 2024, recom- 2023-24, assuming an average crude
documents in its retail vehicle loan mendation of dividend, AGM and re- price of $85 per barrel.
portfolio at one of its branches in the lated matters, which were to be con- Based on commerce ministry data, the
North East. sidered at the Board meeting sched- note pegs the share of Russian crude
uled to be held on April 23, 2024, are
The company said that the fraud was in India's oil import basket rising to
being deferred to a later date, which
detected in the fourth quarter of FY24 about 36% during the April 2023-Feb-
and the investigation in this is under- shall be intimated in due course," the ruary 2023 period, marking a jump of
NBFC said.
way. It has deferred the announcement 1700% from about 2% in 2021-22.
of the results for the quarter ended In a separate filing, the company said
March 2024 till May 30. its board meeting will be held on May
30, 2024 to consider financial results GST appellate body gets
"During the end of fourth quarter of
the financial year ended March 31, for the period ended March 2024. first president
2024, a fraud was detected at one of Finance Minister Nirmala Sitharaman
the company's branches in the North Russian crude imports administered the oath of office to Jus-
East. In respect of retail vehicle loans help India save $7.9bn in tice (Retd) Sanjay Kumar Mishra as first
disbursed by the company the fraud FY24 President of the GST appellate tribunal
involved forgery of KYC documents (GSTAT).
leading to embezzlement of company India saved an estimated $7.9 billion in
oil import in the 11 months of 2023-24 Mishra's appointment marks the begin-
funds," Mahindra Finance said in a fil-
financial year ended March 31, com- ning of the operationalisation of the
ing to exchanges. The NBFC said it es-
pared to $5.1 billion over the whole of GSTAT, a crucial body for resolving GST-
timates that the financial impact of
this fraud is unlikely to exceed Rs150 2022-23, by purchasing higher volumes related disputes.
of Russian crude at deep discounts,
crore. It said investigations are under- "Union Minister for Finance and Corpo-
way, and necessary corrective actions ICRA Research said. rate Affairs Nirmala Sitharaman admin-
have been identified and are at vari- The savings leads to a "compression" istered the oath of integrity and se-

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