Kajaria Bathware files EoW complaint against CFO Dilip Maliwal for alleged ₹20 crore fraud over 2 years in subsidiary

Kajaria Bathware informed the stock exchanges on December 22 that it had filed a police complaint against its Chief Financial Officer Dilip Kumar Maliwal and suspended him from the company. ₹Fraud and embezzlement worth Rs 20 crore in a wholly owned subsidiary.

The company, in its filings, said its investigations showed that Maliwal committed fraud by embezzling and siphoning off funds of KBPL’s wholly-owned subsidiary Kerovit Global Private Limited in the last two years.

What precautions has Kajaria Bathware taken against fraud allegations?

The company added that it had filed a complaint with the Deputy Commissioner of Police, Economic Offenses Wing (EoW) of Delhi Police and the Officer of Police Station Badarpur, New Delhi, on December 18, 2025.

It was stated that this was done “following the discovery of the fraud in question which is under investigation”.

Kajaria Bathware added that in addition to filing a police complaint, Maliwal terminated his employment with the company. In the future, this matter “will be brought before the appropriate Board Committee for further action to ensure that appropriate measures are taken to prevent such incidents in the future”.

(This is a developing story, more updates to come…)