IndusInd Bank suspects employee involvement in fraud amid accounting lapses, incorrect financial reporting

IndusInd Bank board suspects involvement of certain employees in the derivatives, microfinance and balance sheet "fraud" and directed the bank to report the matter to investigative agencies and regulatory authorities. IndusInd Bank said based on review of internal audit reports as well as external professional firm, its board "suspects the occurrence of fraud against the Bank" and the involvement therein of certain employees having a significant role in the accounting and financial reporting of the Bank. "Accordingly, the Board has directed necessary steps be taken under applicable law (including reporting to regulatory authorities and investigative agencies) and to also fix accountability of all persons responsible for these lapses," said the private lender in its filing. Source - Mint