Indian microfinancier reveals staff fraud

India's biggest lender to the poor, SKS Microfinance has found 156 cases of alleged embezzlement by some of its former employees worth nearly $356,800, the company said in its annual report.
Nearly 60 percent of the amount defrauded has been written off after it was not recovered. A third of the accused are currently untraceable, SKS's auditors said in the document, which covers the last financial year ended March.
In the report, SKS said it also suffered 205 cases of fake loan transactions worth $1 million, given to non-existent borrowers on the basis of fictitious documents. The company recovered just over 25 percent of the fake loans funds.
SKS has sacked all employees involved in both types of fraud and is taking legal action against them, a company spokesman told AFP on Wednesday