Wipro Finds $4 Million Fraud by Employee

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MUMBAI -- Wipro Ltd., India's third-largest software exporter by revenue, said Wednesday it detected in December a financial fraud of about $4 million by one of its employees and that it is taking corrective measures.

The company is conducting a probe into the matter, Suresh Senapaty, executive director and chief financial officer, said in an emailed statement. He didn't identify the employee.

A Wipro spokeswoman said the company has recovered about half the money.

The employee was working with Wipro for the past three years in the controllership division within the finance department.

The division was responsible for keeping the NYSE-listed company's financial books and had powers to authorize payments whenever needed.

The company disbanded the division after detecting the fraud, the spokeswoman said.

Write to Romit Guha at romit.guha@dowjones.com

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