Business Update25 Feb 2026, 07:01 pm
RBZ Jewellers Ltd. Receives Partial Insurance Settlement of Rs. 1,01,82,444 for Employee Fraud
AI Summary
RBZ Jewellers Ltd. has received a partial settlement of Rs. 1,01,82,444 from IFFCO-Tokio General Insurance Co. Ltd. for an employee fraud that occurred in 2025. The total quantified amount involved in the fraud was Rs. 1,98,11,486, out of which Rs. 22,74,893 was recovered from the accused employee. The remaining claim amount of Rs. 68,18,221, represented by the gold recovery, is currently under judicial custody. The company is taking necessary legal steps for the release of the gold upon completion of the judicial process. If the gold is not released, the company would be entitled to indemnification from the insurer as per policy terms.
Key Highlights
- RBZ Jewellers Ltd. receives partial insurance settlement of Rs. 1,01,82,444 for employee fraud.
- Total quantified amount involved in the fraud was Rs. 1,98,11,486.
- Rs. 22,74,893 was recovered from the accused employee.
- Remaining claim amount of Rs. 68,18,221 is under judicial custody.
- Company is taking necessary legal steps for the release of the gold.