Fresh trouble may be brewing for IndusInd Bank as a new whistleblower complaint sent to the Prime Minister's Office, the Reserve Bank of India (RBI) and several other regulatory agencies has sought an investigation into alleged insider trading, governance lapses and shortcomings in audit and forensic reviews at the private sector lender, reported The Economic Times (ET).
The latest allegations come just months after IndusInd Bank disclosed a Rs 2,000-crore discrepancy linked to derivatives accounting, an issue that had already raised concerns over the bank's internal controls and governance standards.
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According to the report, the complaint has also been sent to the Serious Fraud Investigation Office (SFIO), the National Financial Reporting Authority (NFRA) and other authorities.
The whistleblower has alleged insider trading, manipulation of financial records, evergreening of microfinance loans, suppression of audit findings and attempts by senior management and board members to conceal irregularities.
At the centre of the complaint is Samir Agarwal, IndusInd Bank's former zonal head for eastern India.
The complaint alleges that Agarwal generated gains of around Rs 46 crore through share transactions worth nearly Rs 815 crore before key corporate developments became public.
According to the complaint, he allegedly used confidential information obtained through his corporate banking responsibilities to facilitate trades by family...
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