Shares of IndusInd Bank dropped over 3% on Wednesday after a fresh whistleblower complaint was sent to the Prime Minister's Office and several regulators, including the Reserve Bank of India (RBI), seeking an investigation into alleged insider trading, governance failures, and shortcomings in forensic and audit reviews at the private lender.
The complaint, a copy of which was seen by The Economic Times, was also sent to the Serious Fraud Investigation Office (SFIO), National Financial Reporting Authority (NFRA) and other agencies. The shares of the private lender tumbled to Rs 884.05 apiece on Wednesday morning after the report.
The whistleblower alleged insider trading by Samir Agarwal, former zonal head of eastern India at IndusInd Bank, along with manipulation of financial records, evergreening of microfinance loans, suppression of audit findings, and attempts by senior management and board members to conceal irregularities. It was alleged that Agarwal generated gains of around Rs 46 crore via share transactions worth nearly Rs 815 crore by family members and related entities using confidential information just before key developments became public.
Responding to The Economic Times’ queries, IndusInd Bank said that it "rejects the assertions" made by the whistleblower, adding that all concerns have been "duly examined" and "appropriate actions" taken in line with internal policies and regulatory requirements. It said it had...
IndusInd Bank rejects whistleblower's claims
A video shows immigrants setting fire to the Basilica of St Michael in Bordeaux, France. False. The video shows a tent on fire beside the church. AAP FACTCHECK - A video showing smoke rising near ...