Mahindra and Mahindra Financial Services (M&M Financial) has detected fraudulent activities involving forged documents and embezzlement of company funds in its retail vehicle loan division. The company estimates the financial impact of the fraud to be around 1.50 billion rupees ($18 million). Investigations are ongoing, and corrective actions have been taken, including the arrest of individuals involved. M&M Financial has delayed the announcement of its quarterly results to May 30th due to the fraud investigation.