Flipkart says `PwC fraud charges hold no water'

Flipkart sought to end all social media chatter, which claimed that an inquiry by consultancy PricewaterhouseCoopers (PwC) into an alleged fraud within India's largest online retailer, had led to the exit of its chief financial officer, Sanjay Baweja.

“There is absolutely no investigation going on with respect to the CFO”, Binny Bansal, chief executive officer of Flipkart, told the Economic Times.

He dismissed all social media and internal speculation of an alleged fraud inquiry by PricewaterhouseCoopers.

“Baweja's exit has been going on for some time, for around two-and-half months, it is a mutual and respectful separation on both sides. The company has just initiated the search for a new CFO,” he added.

Meanwhile, Flipkart has given Nitin Seth, the additional responsibility of overseeing business finance.

He was recently appointed as chief administrative officer and also oversees corporate affairs and planning.

The group finance controller Rajnish Baweja will take over additional responsibility of commercial, taxation, accounting and treasury functions.

Flipkart says `PwC fraud charges hold no water'

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