The central investigating agency SFIO (Serious Fraud Investigation Office) has initiated an investigation against a private bank. Allegations of massive accounting irregularities have been raised against the private bank. The total amount of irregularities has reportedly touched around ₹2000 crore, according to news agency sources. IndusInd Bank has come under scrutiny.
On Wednesday, the private bank authorities informed that they have received a letter from SFIO. The letter was sent under section 212 of the Companies Act, 2013.
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IndusInd Bank had informed just last week that some irregularities were detected in their internal derivative trading accounts for which no basis or evidence could be found. Those accounts and microfinance interest calculations were submitted to SFIO several months ago.
Due to these accounting irregularities, the bank has faced a major setback this year. This incident has also raised questions about the bank's internal administration. As a result, the stock price has also taken a significant hit.
