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IndusInd Bank says the reported accounting irregularity of Rs 255 crore was already covered in an earlier probe conducted by an independent agency.
IndusInd Bank’s Accounting Irregularity Case.
IndusInd Bank on Thursday clarified that the reported accounting irregularity of Rs 255 crore is not part of any new investigation, stating that the issue was already covered in an earlier probe conducted by an independent agency.
In an exchange filing dated October 17, the lender said, “We would like to clarify that the accounting irregularity of Rs 255 crore as mentioned in the news report is not part of any new investigation being conducted by the Bank and that these findings were part of the investigation report submitted by the independent external agency to the Bank in April 2025.”
The bank added that it had already made necessary disclosures regarding the matter and that the impact of the discrepancies was appropriately reflected in its audited financial statements for FY 2024-25, which were released on May 21, 2025.
The clarification came after a Moneycontrol report on October 16 stated that “a certain entry amounting to Rs 250 crore requires attention”. According to the report, sources indicated that the entries may relate to the year 2016, around the time the bank’s treasury derivatives desk was established.
Citing people familiar with the matter, Moneycontrol further reported that an initial probe by the Mumbai Police’s Economic Offences Wing (EOW) into the alleged treasury fraud at IndusInd Bank has so far found no evidence of siphoning of funds, either to personal accounts of former executives or to shell entities.
The EOW has reportedly questioned six to seven individuals in connection with the case, including former CEO Sumant Kathpalia, former Chief Financial Officer Gobind Jain, and former Deputy CEO Arun Khurana. The investigation is currently focused on identifying accounting lapses and understanding their origin.
Sources also told Moneycontrol that Siddharth Banerjee, the bank’s Head of Global Markets and Financial Institutions Group, is expected to be questioned in the coming days, though he has not been interrogated yet.
Officials involved in the investigation said the inquiry is around the halfway mark and that by the end of October, authorities are likely to have a clearer picture of the extent and nature of any wrongdoing, if established.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
October 17, 2025, 16:42 IST
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