Mumbai, Dec. 20 -- The Serious Fraud Investigation Office (SFIO) met and interacted with IndusInd Bank officials and will send a written communication to the bank seeking details related to accounting discrepancies identified at the bank, the Hinduja-owned IndusIndia Bank stated in a regulatory statement.
The bank stated that under the RBI's 'Master Directions on Fraud Risk Management In Commercial Banks & All India Financial Institutions' dated July 15, 2024, any fraud involving Rs 1 crore or more reported to the RBI must also be reported to the SFIO, which functions under the Ministry of Corporate Affairs (MCA), in the same format.
Accordingly, matters relating to the accounting of internal derivative trades, certain unsubstantiated bal...