Whistleblowers at banks are not new. Bank chiefs have either lost their jobs, faced considerable professional censure or even legal proceedings owing to disclosures made by those who choose to break ranks and lodge complaints against misdeeds.
The story at IndusInd Bank is no different. According to two people with direct knowledge of the matter, the bank's former Chief Financial Officer Gobind Jain has now submitted evidence of serious wrongdoings of the lender over many years.
The two people quoted above include a person directly involved with the investigation and a second person with direct knowledge of the investigation. NDTV Profit has also reviewed a part of these documents.
These include mail trails, accounting documents and personal correspondence between Jain and IndusInd Bank's previous management team over months.
According to the first person quoted above, who is directly involved with the investigation, the former CFO has pointed fingers at senior board functionaries and members of the management as being complicit in hiding information from regulators and other stakeholders.
In his submissions Jain has alleged that the bank's senior management team has been carrying forward serious accounting gaps for years, with the board of directors also in the know. He has also alleged that he was made to rewrite his resignation, which he had submitted four times over 2024, to hide crucial evidence of improper accounting.
In this two part series of stories, NDTV Profit...
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