Drone maker DJI reveals US$150 million fraud carried out internally
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The world’s leading drone maker DJI has uncovered a massive internal operation to defraud the company. At this stage, the Chinese company says that the theft totals at least US$150 million. Chinese authorities have been informed of the matter and a number of employees have been fired as a result. At this stage, the fraud appears to have resulted through its supply chain, with staff inflating the price of components at the expense of the company.
“We are taking steps to strengthen internal controls and have established new channels for employees to submit confidential and anonymous reports relating to any violations of the company’s workplace conduct policies,” the company said in a statement provided to Bloomberg. “We continue to investigate the situation and are cooperating fully with law enforcement’s investigation.”
DJI is one of the most successful drone makers in the world and currently dominates the US$9 billion drone market with a 75 percent share of all drone sales world-wide. Its products are sold through Apple stores among other channels which has helped to raise its profile but is also testament to the quality of its drones and cameras. With over 14,000 employees around the globe, the investigation could still take some time to fully uncover the extent of the damage.