Fannie Mae Layoffs: 200 Indian Americans, very linked to Telugu groups, were fired on 'ethical grounds' after donation fraud | Today news

US financial company Fannie Mae allegedly fired 200 Indian American employees from his team, with the majority of those linked to Telugu groups on ‘ethical grounds’ after a donation fraud, the News Portal Times of India reported on Wednesday, April 16, along with the 200 people who were ‘ethical foundation’. The News Portal report claims that a total of 700 employees have been fired from their work amid a continuing restructuring. This number contains the 200 people fired for non-repair reasons. The News Portal report also cited the company, saying that the layoffs, which occurred on Wednesday and Thursday, were on “ethical grounds”. Earlier on April 8, 2025, the company acknowledged that they had imposed more than 100 people for ‘unethical action’, which included the facilitation of fraud. “I would like to thank the director Pult for his empowerment of Fannie Mae to root unethical actions, including everyone who facilitates fraud. We keep our employees to the highest standards, and we will continue to do so,” Priscilla Almodovar, president and CEO of Fannie Mae, said in an official statement. Donation fraud The company allegedly fired employees for irregularities and abuse of Fannie Mae’s ‘Matching Grants Program’ according to the News Portal report. (This is a developing story. Come and check out updates.) First published: 16 Apr 2025, 08:27 IST