- ALSO READ
Private sector lender IndusInd Bank said on Wednesday that the Enforcement Directorate (ED) has filed a First Information Report (FIR) against certain entities, including some employees of the bank, over alleged financial irregularities.
The Chennai Zonal Office of the ED had been investigating certain entities for alleged irregularities with regard to remittances for import transactions carried out from 2011 to 2014, IndusInd Bank said.
“The bank had suo moto filed Suspicious Transaction Reports (STRs) with the regulatory authorities during the relevant period for many of these entities. The bank had also filed complaints with the police authorities in 2015 against some of the unscrupulous entities,” the private lender said.
The matter had been scrutinised by the Reserve Bank of India in October 2015 and a penalty had been imposed on the lender, IndusInd Bank said. It added that many of the employees concerned had already left the bank.
“The Bank continues to extend full cooperation and assistance to the Law Enforcement Agencies and is duty bound to take appropriate action against any of the named employees if found to have deliberately facilitated/abetted the conduct of any illegitimate transaction,” IndusInd Bank said.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
First Published: Wed, July 13 2022. 17:53 IST