Will take action if found guilty of irregularities in remittance case: IndusInd Bank

IndusInd Bank on Wednesday said it would take “appropriate action” against any of its employees if found to be indulging in any illegitimate transactions relating to an old case being probed by the Enforcement Directorate. IndusInd Bank said in a regulatory filing that the matter pertains to the Enforcement Directorate (Chennai Zonal Office), which is probing certain entities for certain “alleged irregularities” in remittances for import transactions carried out during 2011-2014.

Shares of the bank closed 3.42 per cent lower at Rs 817.75 on the BSE following reports related to an old case of irregularities in import transactions.

The private sector lender said the clarification comes in the backdrop of media reports about this old case. The bank said it had also filed a suo motu Suspicious Transaction Report (STR) with regulatory authorities for several of these entities during the relevant period. “The bank had also filed a complaint with the police authorities in 2015 against some unscrupulous entities. Incidentally, the matter was the subject of investigation by RBL in October 2015 and penalty was imposed on the bank which was informed to the stock exchanges through letter of the bank dated July 28, 2016,” IndusInd Bank said.

IndusInd Bank said that the Enforcement Directorate (ED) had registered an FIR on July 9, 2022 at Chennai Police Station against certain entities and some employees of the bank, most of whom have already been separated. from bank. The Bank stated that the Bank has no credit exposure to these entities and continues to provide full cooperation and assistance to law enforcement agencies.

“If it is found that there has been a willful facilitation/incentive in the conduct of any illegitimate transaction, the bank is bound to take appropriate action against any designated employee,” IndusInd Bank said in the filing.

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