The Serious Fraud Investigation Office has launched an investigation into the accounting discrepancies of IndusInd Bank, which amount to around Rs 2,000 crore.
The private lender, in an exchange filing on Wednesday, said it has a received a letter from the SFIO regarding the probe under Section 212 of the Companies Act, 2013, seeking relevant information.
IndusInd Bank had informed last week that information related to its accounting of internal derivative trades, certain unsubstantiated balances in “other assets” and “other liabilities” accounts of the lender, and micro-finance interest income shared with the SFIO in June.
Notably, the bank was affected by a massive accounting discrepancy row this year, that ended up hammering the lender’s stock and raised cloud over its governance.
On Dec. 18, reports had said that the Ministry of Corporate Affairs has directed the SFIO to probe the affairs of IndusInd Bank, citing public interest and serious accounting irregularities flagged by statutory auditors and forensic reports.
The decision comes even as the Mumbai Police’s Economic Offences Wing is set to close its preliminary enquiry after finding no evidence of fund siphoning or diversion, said the report citing sources.
In its order, the ministry reportedly referred to multiple ADT-4 filings submitted under Section 143(12) of the Companies Act, 2013 by the bank’s statutory auditors. One such ADT-4, dated May 12, 2025, highlighted accounting discrepancies amounting to around Rs 1,959.78 crore spanning FY2015-16 to FY2023-24.
The government noted that the reports pointed to accounting errors requiring corrective action as well as weaknesses in internal control systems. It also considered forensic monitoring reports submitted by the bank to the Reserve Bank of India and the SFIO, as per the report.
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