RBZ Jewellers Ltd Receives Rs. 1,01,82,444/- from Insurance Company for Fraud Partial Settlement

RBZ Jewellers Ltd has received an insurance claim amount of Rs. 1,01,82,444/- from IFFCO-Tokio General Insurance Co. Ltd towards the partial settlement of the insurance claim lodged in connection with an earlier reported fraud. The total recovery stands at Rs. 1,24,57,337/-. Earlier, the estimated impact of the fraud was Rs. 1,98,11,486/-. The net financial impact on the Company has been reduced accordingly. The Company is still pursuing recovery of the remaining amount and is cooperating with the investigating authorities.