Ashiana Housing Limited reports of Rs 2.4cr fraud in company

Ashiana Housing Limited said that it has exposed fraud at one of its locations and that the company’s investigations indicate a potential loss of nearly INR 2.37 crores.

The New Delhi-based real estate development company said that it will be taking all the required steps to recover the amount.

Ashiana Housing is currently in the process of studying its internal processes for preventing any recurrence of such fraud.

The real estate development firm said that it will provision 50% of the potential loss from fraud in the first quarter of the current financial year, as a matter of abundant caution.