NIVS IntelliMedia Technology Group (NIVS) was a designer and manufacturer of electronics products in China. On 23 March 2011, the company announced the resignation of its auditor MaloneBailey owing to suspected fraud with accounting records, bank statements and discrepancies in accounts receivable. It transpired that the company's co-CEOs faked profitability in order to raise money which they then stole. NIV is a confirmed fraud. Its FY09 financials triggered a full four points under our Fake Cash Flow Fraud model meaning that it was unusually profitable but failed to return capital to shareholders. The company also triggered Beneish's M-Score for profit manipulation owing to large high sales growth and deteriorating receivable days. 

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