IndusInd Bank share price falls over 3% after report of whistleblower complaint to RBI, PMO
The complaint has reportedly been submitted to multiple authorities, including the Prime Minister’s Office (PMO), the Reserve Bank of India (RBI), the Serious Fraud Investigation Office (SFIO), the National Financial Reporting Authority (NFRA), and other regulatory agencies.
IndusInd Bank share price declined more than 3% in early trade on Wednesday following reports of a fresh whistleblower complaint alleging insider trading and governance lapses at the private sector lender. IndusInd Bank shares fell as much as 3.01% to ₹884.75 apiece on the BSE.
According to a report by The Economic Times, a new whistleblower complaint has sought an investigation into alleged insider trading, governance failures, and deficiencies in forensic and audit reviews at IndusInd Bank. The complaint follows the discovery of a ₹2,000-crore discrepancy in derivatives accounting.
The complaint has reportedly been submitted to multiple authorities, including the Prime Minister’s Office (PMO), the Reserve Bank of India (RBI), the Serious Fraud Investigation Office (SFIO), the National Financial Reporting Authority (NFRA), and other regulatory agencies.
As per the newspaper report, the complaint names Samir Agarwal, former zonal head of eastern India at IndusInd Bank, alleging him of insider trading with manipulation of financial records, evergreening of microfinance loans, suppression of audit findings, and attempts by senior management and board members to conceal irregularities.
Agarwal allegedly generated gains of nearly ₹46 crore through share transactions worth around ₹815 crore before key developments became public. The complaint further alleges that he used confidential information accessed through his corporate banking role to facilitate trades by family members and related entities.
Livemint could not independently verify the allegations mentioned in the whistleblower complaint.
According to The Economic Times report, Samir Agarwal did not respond to its WhatsApp messages seeking comment.
Responding to ET’s queries, IndusInd Bank said it “rejects the assertions” made in the whistleblower complaint, adding that all concerns had been “duly examined” and that “appropriate actions” were taken in accordance with internal policies and regulatory requirements.
The bank further stated that it had proactively reported certain matters to the relevant authorities and, given that the issue remains under review, declined to comment further.
The whistleblower complaint was reportedly submitted to the bank at the end of May this year.
At 11:10 AM, IndusInd Bank share price was trading 2.89% lower at ₹885.85 apiece on the BSE.