Kajaria Ceramics Limited has disclosed a significant fraud involving its step-down wholly-owned subsidiary, Kerovit Global Private Limited (KGPL). Mr. Dilip Kumar Maliwal, the Chief Financial Officer of Kajaria Bathware Private Limited (KBPL), a wholly-owned subsidiary of Kajaria Ceramics, has been found to have committed fraud through embezzlement and siphoning of funds from KGPL over the past two years. The estimated amount involved in the fraud is ₹20 crore. This incident has been reported to the authorities, with a complaint filed with the Deputy Commissioner of Police, Economic Offence Wing, Delhi Police, and the Station House Officer, Police Station Badarpur, New Delhi, on December 18, 2025. The matter is currently under investigation. In response to the unearthing of the fraud, KBPL has terminated Mr. Dilip Kumar Maliwal from its service. The company also stated that the matter will be presented before the appropriate Committee of the Board of Directors to implement further safeguards against future occurrences.