ED probing some entities, employees over irregularities, says IndusInd Bank

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Private sector lender IndusInd Bank said on Wednesday that the (ED) has filed a First Information Report (FIR) against certain entities, including some employees of the bank, over alleged financial irregularities.


The FIR, dated July 9, was filed with the CCB-1 Police Station, informed exchanges on Wednesday, adding that it had no credit exposure to the entities being investigated.


The Zonal Office of the ED had been investigating certain entities for alleged irregularities with regard to remittances for import transactions carried out from 2011 to 2014, said.


“The bank had suo moto filed Suspicious Transaction Reports (STRs) with the regulatory authorities during the relevant period for many of these entities. The bank had also filed complaints with the police authorities in 2015 against some of the unscrupulous entities,” the private lender said.


The matter had been scrutinised by the in October 2015 and a penalty had been imposed on the lender, said. It added that many of the employees concerned had already left the bank.


“The Bank continues to extend full cooperation and assistance to the Law Enforcement Agencies and is duty bound to take appropriate action against any of the named employees if found to have deliberately facilitated/abetted the conduct of any illegitimate transaction,” IndusInd Bank said.




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