IBM sacks staff in India for overstating revenue

International Business Machines Corp. (IBM) sacked some two dozen employees in India earlier in July for overstating revenue by at least $8 million (around Rs.48 crore) from different customer accounts to meet financial targets, Mint reported.

The episode involved some senior officials in IBM India’s sales, operations and finance departments based in Bangalore, two people directly familiar with the development confirmed last week. “The fraud was first officially discovered in February this year and, by 7 July, 24 officials were asked to go,” one of them said, requesting anonymity because he is not authorized to discuss internal matters publicly.

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