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IndusInd Bank suspects employee fraud in accounting issues; posts quarterly loss

VCCircle · 5m ago

Medial

IndusInd Bank reported its first quarterly loss in 18 years, attributing it partly to suspected employee fraud leading to accounting lapses. The bank, India's fifth-largest private lender by assets, faced a $230 million financial hit due to incorrect accounting of internal derivative trades. Additionally, an internal audit uncovered an $80 million recording error in its microfinance business, reversed in January. The bank's net loss for January-March was 22.36 billion rupees, contrasting with a profit a year earlier.