Swiggy faces a scam of Rs 33 crore! Former employee accused before IPO

Swiggy Embezzle News: Online food delivery company Swiggy has accused one of its former employees of embezzling Rs 33 crore. According to Moneycontrol, this junior employee committed this embezzlement in the “past years”. This information has been received from the company’s annual report for FY 2024. Let us tell you that Swiggy is preparing to bring its Initial Public Offer (IPO). Swiggy appointed an “external team” to investigate the matter and a “legal complaint” has been filed against that employee.

The company gave information in the annual report

In its annual report released on September 4, the company said, “During the current year, the Group has detected embezzlement of about Rs 32.67 crore in one of its subsidiary companies. This amount was embezzled by a former junior employee in the past years.” The report further said, “After reviewing the facts found during the investigation, the Group has recorded the above amount as expenditure during the financial year ended March 31, 2024.

Swiggy submitted draft papers for the IPO

Swiggy had submitted draft papers for its Initial Public Offer (IPO) on 26 April this year. Swiggy has set a target of raising around Rs 10,414 crore through its IPO. Out of this, Rs 3,750 crore will be raised by issuing new shares. At the same time, there will be an Offer-for-Sale (OFS) of about Rs 6,664 crore.