Chinese technology giant DJI have discovered a massive case of fraud from within their ranks which has resulted in large losses for the Shenzhen-based company.
DJI released a statement on Monday, stating that an internal probe had uncovered the deception. The fraud involved multiple workers “inflating the cost of parts and materials for certain products for personal financial gain.” DJI estimates total losses resulting from the deception may exceed 1billion Yuan ($150 million).
“DJI holds our employees to strict ethical standards and takes any violation of our code of conduct very seriously.”
– Official DJI statement
The company have not yet revealed the total number of workers involved in the grift but Chinese publication, the China Securities Journal, wrote that some 40 individuals at the company had been investigated. The employees involved have been fired and law enforcement is investigating. The details of how the employees managed to achieve their fraud or the circumstances which led to their detection are not yet known.
The preeminent player in the international drone market (controlling about three-quarters of the market) was founded in 2006 by Frank Wang. They had more than $2 billion in sales in 2018. Due to securing several significant industrial contracts as well as strong consumer sales, they were recently valued at $15 billion. DJI employs some 14,000 employees worldwide, with the majority based in China.
DJI recently released the Osmo Pocket, a portable, personal 4K vlogging camera. You can watch our recent video, in which our guys test the Osmo and a variety of ND filters around Barcelona here.