Beach Hatchery Ltd. is facing allegations of major fraud in its financial reports for the fiscal year ending June 30, 2023. The company’s auditor, M/s Islam Kazi Shafiq & Co. Chartered Accounts, revealed discrepancies in the financial statements. The reported income from product sales is stated as Tk 11.85 crore, whereas the actual bank records reflect only Tk 1.62 crore in sales.
The auditor was unable to confirm the sales data due to the lack of evidence provided by the company. Additionally, the production cost of Tk 4.73 crore lacks proper documentation, and the company’s reported office/administrative expenses of Tk 121 crore and financial expenses of Tk 72 lakh couldn’t be verified. The authenticity of these expenses remains uncertain due to inadequate evidence from the company.