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The National Financial Reporting Authority (NFRA) has barred Aravind Maiya, former partner at BSR Co and current CEO of Embassy REIT, from practicing as an auditor for 10 years. Additionally, Maiya has been fined Rs 50 lakh. The NFRA also imposed a hefty Rs 10 crore penalty on BSR Co, an affiliate of KPMG, in connection with the fraudulent activities at Cafe Coffee Day (CCD). The NFRA's stern action follows its investigation into the fraud involving CCD, which was revealed in 2022. The author
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FAQ :
The NFRA has imposed a total penalty of £10 crore on BSR & Associates.
Aravind Maiya has been debarred for 10 years, and Amit Somani has been debarred for five years.
The penalties and debarment are due to BSR & Associates' failure to report the fraudulent diversion of £3,535 crore from Cafe Coffee Day subsidiaries and a lack of due diligence during their audit.
The investigation revealed a misappropriation of £3,535 crore from seven CCD subsidiaries.
BSR & Associates audited CCD's financial statements for the fiscal year ending March 31, 2019, and failed to report the fraudulent diversion of funds.
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