Court orders investigation into Rs 11-billion Ricoh accounting fraud case

The irregularities saw the parent firm infusing Rs 11.23 billion into the local arm in 2016

A district court has ordered an investigation into the alleged fraudulent transactions worth Rs 11 billion by three Ricoh India employees and two business partners of the company. The metropolitan magistrate of Saket court asked the Delhi police to file an FIR based on the order and probe the matter.

In 2016, Ricoh India, a local subsidiary of Japanese multi-national imaging and engineering solutions firm Ricoh Company, alleged that three of its local employees, along with REDHEX IT Solutions Pvt Ltd and Fourth Dimension Solutions Ltd, indulged in fraudulent accounting practices. Later, a PwC audit revealed that the malpractices, starting January