Indus Dyeing uncovers Rs438m embezzlement by former employees

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MG News | September 26, 2025 at 11:30 AM GMT+05:00

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September 26, 2025 (MLN): Indus Dyeing and Manufacturing Limited (PSX: IDYM) has reported a financial embezzlement of approximately Rs439 million, allegedly committed by two former employees, Nadeem ul Haq and Bakhtiar Masood.

The company disclosed to the Pakistan Stock Exchange that an internal inquiry revealed the misappropriation of funds. Following the discovery, law enforcement agencies were notified, leading to the arrest of the individuals, the company's filing on PSX revealed today. 

Authorities have identified and frozen assets and properties linked to the former employees and their benamidars, valued at around Rs522m.

Indus Dyeing said it is taking all necessary steps to recover funds and has proposed provisioning for the estimated loss.

The company also emphasized immediate measures to strengthen internal controls and risk management systems to prevent future occurrences.

The company assured stakeholders it will make further disclosures once the financial impact and recovery prospects are fully ascertainable.

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