The trouble on the horizon for 8K Miles began in July, when it postponed its Q1 numbers. The moment that happens, warning bells go off; since then, it has been under the radar of suspicion.
The latest disturbing news which came in from Bloombergquint today is that an auditor of 8K Miles Media Private quit alleging that the company forged his signatures on bank investment certificates to transfer money abroad.
This seems to have happened in April; the news is out only now. The auditor alleged that one of its subsidiary companies misused the audit firm’s letter head, seal and signature of one of the audit partners.
For the fourth consecutive day, 8K Miles is locked at the 5% LC at Rs.213, the moment it opened for trading. This is a new 52-week low too.