IndusInd Bank reported a 72% year-on-year consolidated net profit surge to Rs 1,037 crore in the first quarter, driven by lower provisions and operating expenses. Despite flat Net Interest Income and declining fee income and advances, the bank improved asset quality and capital adequacy.
A whistleblower complaint sent to Indian regulators and the PMO alleges insider trading by former IndusInd Bank executive Samir Agarwal, manipulation of financial records, and evergreening of loans, deepening scrutiny after a Rs 2,000-crore accounting discrepancy.
SFIO has summoned all major audit firms associated with IndusInd Bank over the past decade - including S R Batliboi & Co (EY), Haribhakti & Co, M P Chitale & Co, and MSKA & Associates (BDO) - to join its probe into alleged derivatives portfolio irregularities estimated at ₹2,000 crore. Former CEO Romesh Sobti and former treasury head Siddharth Banerjee have already been questioned. The investigation, ordered by Ministry of Corporate Affairs, examines corporate governance issues and accounting discrepancies potentially constituting fraud under Section 447 of the Companies Act.
