A whistleblower has filed a complaint against IndusInd Bank related to alleged insider trading, governance failures, and shortcomings in forex and audit reviews.
According to The Economic Times report, the whistleblower complaint was sent to the Prime Minister’s Office and several regulators, including the Reserve Bank of India (RBI). The complaint comes after IndusInd Bank disclosed a ₹2,000 crore derivatives accounting discrepancy in March 2025.
The complaint reportedly alleges manipulation of financial records, evergreening of microfinance loans, suppression of audit findings, and attempts by senior management and board members to hide irregularities. However, the report did not mention when these alleged irregularities took place.
The complaint, which was reportedly submitted in late May, outlines several major issues:
- Insider Trading: Alleges that Samir Agarwal, former zonal head of eastern India, made personal financial gains of about Rs 46 crore through related-entity share transactions before key market developments became public.
- Loan Practices: Alleges the “evergreening” (concealment of bad loans) of microfinance loans.
- Financial Misconduct: Alleges the manipulation of financial records and deliberate attempts to suppress audit and forensic review findings by senior management and board members.
The complaint was forwarded to the Serious Fraud Investigation Office (SFIO) and the National Financial Reporting Authority (NFRA). Following the news of the complaint, IndusInd Bank’s shares dropped sharply, falling by up to 3% during intraday trading. The share price of IndusInd Bank as of today (03.06.2026) is Rs.899.40.
