NEW DELHI: Kia Finance has agreed to pay a whopping Rs 4.6 crore to nearly 4,600 victims of the massive fake currency scheme in the country.
In a press release issued on Monday, Kia said that the Rs 4 lakh payment would be made to “the survivors of the fake currency fraud and will be made on a cashless basis”.
The company, which is the parent company of Mahindri Finance Group, said the payment will cover all claims and expenses arising out of the fraud, including “lost income, lost property, legal expenses and other reliefs arising out the fraud”.
It said the payments will be subject to certain conditions, such as compliance with all relevant laws and regulations, and a thorough investigation into the matter.
Kia is the third major Indian company to be slapped with a large fine by the Supreme Court in the past two months, following a similar case by Mahindre Capital Management and Axis Bank.