**Kajaria Ceramics Files Police Complaint Against CFO for Fraud**
Kajaria Ceramics has announced that it has lodged a police complaint against Dilip Kumar Maliwal, the Chief Financial Officer of its subsidiary, Kajaria Bathware (KBPL), following allegations of a ₹20 crore fraud and embezzlement. The company revealed that its investigations indicated Maliwal had been involved in fraudulent activities over the past two years, misappropriating funds from KBPL’s wholly owned subsidiary, Kerovit Global Private Limited.
On December 18, 2025, Kajaria Bathware filed complaints with the Deputy Commissioner of Police, Economic Offences Wing (EoW) of the Delhi Police, as well as the Station House Officer at the Badarpur Police Station in New Delhi. This action was taken promptly upon discovering the alleged fraud, which is currently under investigation.
In addition to filing the police complaints, Kajaria Bathware has terminated Maliwal’s employment. The company stated that the matter will be presented to the appropriate Committee of the Board of Directors to implement necessary measures aimed at preventing similar incidents in the future.
As the market opens on December 22, Kajaria Ceramics’ stock is expected to attract attention. The shares have declined approximately 10% this year on the BSE, contrasting with an 8% increase in the equity benchmark Sensex.
**FAQ**
*What actions has Kajaria Ceramics taken regarding the alleged fraud?*
Kajaria Ceramics has filed a police complaint against its CFO, terminated his employment, and is working with law enforcement to investigate the matter further.
