Wipro investigating a million dollar fraud

Wipro is investigating an internal fraud thought to be for $4m.

It was carried out by an employee who obtained a colleague’s password.

The fraud is reported to have been discovered in December but to have been going on for a year.

Suresh Senapaty, CFO at Wipro, said: “In December 2009, we noticed an embezzlement by one of our employees. Pursuant to an investigation that is ongoing, steps have and are being taken by the company addressing the processes and people issues”

Wipro has not named the employee involved.

The fraud could however involve more people according to reports.

It may not be as disastrous as Satyam’s billion dollar internal fraud but it is embarrassing.