Mumbai (Maharashtra) [India], July 13 (ANI): Private sector lender IndusInd Bank said on Wednesday the Enforcement Directorate has been investigating a few entities and some employees of the bank in cases related to financial irregularities.
The Directorate of Enforcement, Chennai Zonal Office (ED) has been investigating a few entities inter alia for certain alleged irregularities in remittances for import transactions conducted during the year 2011 to 2014, IndusInd Bank said in a clarification sent to the stock exchanges.
The Bank said it 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.
Incidentally, the matter was subject of scrutiny by the RBl in October 2015 and a penalty was levied on the Bank which was intimated to the stock exchanges vide the Bank’s letter dated July 28, 2016.
As part of the investigation, the ED has filed a First Information Report (FIR) dated July 9, 2022 with Chennai CCB-1 Police Station against some of those entities and a few employees of the Bank, most of whom have already separated from the Bank.
“A complete copy of the FIR along with the annexure is being retrieved. There is no credit exposure of the Bank to these entities,” IndusInd Bank said.
“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,” it added. (ANI)