Alleged fraud wipes out Ricoh India's 20-year share gain

New Delhi

TWO months after Japanese camera and printer maker Ricoh Co was again recognised as one of the world's most ethical companies, the shares of its Indian unit were suspended following a rout exacerbated by allegations of fraud.

Ricoh India Ltd climbed almost 5,800 per cent in about two decades to a record in August last year, before erasing most of those gains until the suspension of trading from May 26. The Indian unit said that it is a victim of a fraud allegedly perpetrated by people acting individually and conspiratorially. Ricoh India's auditors said that profits may have been inflated.