Ex-IndusInd Bank Dy CEO faces probe over accounting lapse: Report
In a shocking development, Mumbai’s Economic Offences Wing (EOW) has launched a preliminary enquiry into an alleged accounting lapse at IndusInd Bank, reported CNBC-TV18. The investigation is centered around a massive ₹1,960 crore loss linked to mis-accounting of derivative trades, and none other than Arun Khurana, the bank’s former Deputy CEO and treasury head, is under the scanner.
According to sources, the EOW has initiated the preliminary enquiry into a complaint lodged by the current management of IndusInd Bank. The complaint allegedly highlights a series of accounting lapses and irregularities committed by Khurana during his tenure at the bank. The investigation is expected to delve deeper into the matter, and the EOW may summon other key officials, including the former CFO and Deputy CFO, to gather more information.
As per the report, the alleged accounting lapses occurred during a period when Khurana was in charge of the bank’s treasury operations. It is believed that he mis-accounted derivative trades, resulting in a significant loss for the bank. The exact nature of the mis-accounting and how it led to the massive loss are still unclear, but the EOW is likely to uncover more details as the investigation unfolds.
IndusInd Bank has been facing increasing pressure to come clean on the matter, with the bank’s shareholders and investors growing restless over the lack of transparency. The bank’s management has been tight-lipped about the issue, but the EOW’s investigation is expected to shed more light on the alleged accounting lapses and the role played by Khurana.
Khurana’s tenure at IndusInd Bank was marked by controversy, with several instances of irregularities and mismanagement coming to light. His departure from the bank was sudden and unexpected, leaving many to speculate about the reasons behind it. The EOW’s investigation has now raised fresh questions about Khurana’s role in the alleged accounting lapses and his potential complicity in the mis-accounting of derivative trades.
The timing of the EOW’s investigation could not have been more significant. With the banking sector already reeling from a series of scandals and controversies, the last thing the industry needs is another high-profile case of mismanagement and accounting lapses. The EOW’s probe is seen as a step in the right direction, as it aims to restore investor confidence and ensure that those responsible for the alleged lapses are held accountable.
In conclusion, the EOW’s investigation into the alleged accounting lapses at IndusInd Bank is a significant development that could have far-reaching consequences for the bank and its former executives. As the investigation unfolds, it will be interesting to see how the bank’s management responds to the allegations and whether any other officials are implicated in the scandal. One thing is certain, however – the Indian banking sector needs to get its house in order and ensure that such incidents do not recur in the future.
