Company Layoffs: Fannie Mae, an American company, has laid off nearly 700 employees, citing ethical concerns for the termination of about 200 among them. Reports suggest that a majority of those dismissed are Telugu employees. The company took action on Wednesday and Thursday, alleging that these individuals were involved in unethical practices within the Matching Grants Program.

Alleged Misuse of Funds: The company claims that the employees collaborated with organizations like the Telugu Association of North America (TANA) and misused company funds. This scam is similar to a previous incident involving Apple, which also fired several Indian employees earlier this year over the same issue.

Matching Grants Program Scam: In January this year, Apple terminated over 100 employees on similar allegations related to TANA. The Matching Grants Program allows the company to match donations made by its employees to charitable organizations. The allegation is that some employees recovered their original donations while the company still matched the amount, and then falsely used this for tax deduction purposes.