The investigation into the IndusInd Bank Accounting Laps case has revealed a new revelation. Preliminary investigation by the Economic Offenses Branch (EOW) of Mumbai Police has revealed that the top management officials of the bank have admitted to adjusting in the accounting books. This case is related to a mess of about 2000 crores.
According to sources, last week EOW recorded the statements of former bank’s former CFO Gobind Jain, former Deputy CEO Arun Khurana and former CEO Sumant Kathpalia. Khurana was later summoned again. Sources associated with the investigation say that Khurana’s role is very important, as they were aware of the changes and adjustments that were allegedly done in the bank books.
Also read: Mumbai: How did a disturbance of 2 thousand crores happen? EOW interrogates former IndusInd Bank Deputy CEO
It is alleged that the bank’s share price increased artificially from these adjustments and some top management officials of that time took advantage of this information and did the insider trading. It is said that he earned hundreds of crores of rupees from this process.
Former officials denied allegations of disturbances
EOW went into interrogation from several employees and former officials that the bank’s books were adjusted to two different headers, which affected the stock price. However, some former officials say that they did not participate in any kind of disturbance.
According to sources, EOW will soon take opinion from the legal officers and financial experts on what kind of action should be taken. A senior officer associated with the investigation also said that the matter is similar to the Satyam scam in many ways.
CEO and Deputy CEO resigned in April
IndusInd Bank had earlier found this accounting laps in its derivatives portfolio, but later it spread to a microfinance business. Following the revelations of the case, CEO Sumant Kathpalia and Deputy CEO Arun Khurana resigned in April 2025.
Also read: Bad results … Market also fell, but IndusInd Bank shares become rocket, know why
So far, EOW has recorded statements of seven to eight employees. Based on the statement of the employees, summons was sent to the former top officials of the bank. There is a possibility that these officers can also be called again.
Meanwhile, former CFO Gobind Jain had earlier accused of tragery disturbances earlier. On August 26, he had written a letter to the Prime Minister’s Office saying that the treasury operations of the bank have been having serious irregularities for a decade, which can be up to about Rs 2000 crore.
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