According to media reports, the discrepancy'related to the accrual of interest income'was discovered during the ongoing statutory audit for the previous financial year. The statutory auditors allegedly issued an additional communication under Section 143(12) of the Companies Act, 2013, prompting the bank to launch a further investigation via EY.
This audit comes on top of an ongoing forensic probe by Grant Thornton Bharat (GTB), which is investigating irregularities in the bank's forex derivatives portfolio.
The reports indicated that the latest discrepancy likely occurred during the second or third quarter of the previous fiscal year and is not expected to span multiple years. EY's role is to determine whether any fraudulent activity took place and pinpoint accountability.
The stock exchange sought clarification from IndusInd Bank on 22 April 2025, regarding the news report, with the bank's response still awaited.
IndusInd Bank offers a wide range of products and services for individuals and corporates, including microfinance, personal loans, personal and commercial vehicle loans, credit cards and SME loans.
The bank's standalone net profit declined 39% to Rs 1,401.28 crore while total income increased 8.5% YoY to Rs 15,151.01 crore in Q3 FY25 over Q3 FY24.
0 mins read . Dec 18, 2024
0 mins read . Dec 18, 2024
0 mins read . Dec 18, 2024
