Kajaria Ceramics Uncovers ₹200 Million Fraud at Subsidiary

India’s largest tile manufacturer, Kajaria Ceramics, announced a significant fraud case involving embezzlement at its subsidiary operations. According to regulatory filings, the fraud was carried out by Dilip Kumar Maliwal, CFO of Kajaria Bathware, through siphoning of funds over a two-year period. The estimated amount involved is ₹200 million. On December 18, 2025, the company filed police complaints and terminated Maliwal’s employment. Kajaria has assured stakeholders that additional safeguards will be implemented to prevent recurrence. The revelation comes at a time when corporate governance and financial transparency are under heightened scrutiny in India’s manufacturing sector.  

Important points  
• Fraud estimated at ₹200 million in Kerovit Global Private Limited  
• CFO Dilip Kumar Maliwal found responsible for siphoning funds over two years  
• Police complaints filed on December 18, 2025; executive terminated  
• Company to implement stronger internal controls and safeguards  
• Incident raises concerns over governance in India’s manufacturing sector  

Impact  
The disclosure underscores the importance of robust financial oversight in large corporations. Kajaria’s swift action aims to restore investor confidence and reinforce its commitment to transparency.  

Sources: ScanX News, Kajaria Ceramics regulatory filings