New Delhi, May 21 -- The board of IndusInd Bank Ltd suspects certain employees in critical accounting and financial reporting functions to be involved in perpetrating fraud against the lender, the lender said on Wednesday.

The board has decided to take "necessary steps," including reporting to regulatory authorities and investigative agencies, and fix accountability of all persons responsible for these lapses.

These actions follow investigation reports relating to accounting of internal derivative trades, "certain unsubstantiated balances in other assets and other liabilities accounts of the bank," and microfinance interest income.

According to the disclosure on Wednesday, the internal audit department of the bank on Tuesday submitted ...