<ul><li>Muthoot Insurance Brokers, a subsidiary of Muthoot Finance, has suspended its CEO after uncovering fraudulent activities within the company.</li><li>The internal probe reveals that the CEO and a former senior executive diverted gift cards meant for employees as performance rewards.</li><li>The total amount misappropriated is Rs 11.92 crore, leading to a notional revenue loss of Rs 31.28 crore.</li><li>Muthoot Insurance Brokers has filed an FIR against the accused and is implementing measures to prevent similar incidents.</li></ul>

Muthoot Insurance Brokers suspends CEO amid Rs 11.92 cr. fraud

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