Issuing a clarification on media reports relating to an old investigation pertaining to remittance transactions during the period of 2011 to 2014, IndusInd Bank said that 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.
The bank had suo moto filed Suspicious Transaction Reports (STRs) with the regulatory authorities during the relevant period for many of these entities. It 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,” IndusInd Bank said.
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 few employees of the bank, most of who 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, the 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,” IndusInd Bank added.
Headquartered in Mumbai, IndusInd Bank Limited offers commercial, transactional and electronic banking products and services.
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