IndusInd Bank on Wednesday mentioned it’ll take “appropriate action” towards any of its staff if discovered indulging in any illegitimate transaction associated to a case of 2015 being probed by the Enforcement Directorate.
“The ED has filed a first information report (FIR) dated July 9 with the Chennai CCB-1 Police Station against some of those entities and few employees of the bank, most of whom have already been separated from the bank,” the lender mentioned in an change submitting on Wednesday.
The financial institution had filed ‘suspicious transaction reports’ with the regulatory authorities throughout the interval and likewise approached police authorities again in 2015 towards a number of the unscrupulous entities.
“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”, the lender mentioned.
The case pertains to alleged irregularities in import remittances in 21 banks. The alleged perpetrators routed remittances to the tune of Rs 6,100 crore to Hong Kong and Dubai through Indian banks, media experiences had mentioned.
These transactions had been beneath the scrutiny of the Reserve Bank of India (RBI) in 2015. The central financial institution examined the irregularities in opening and monitoring of accounts, together with violations beneath FEMA provisions. The RBI additionally appeared into the effectiveness of programs and processes for implementation of know your buyer (KYC) norms. Following the scrutiny, the central financial institution imposed a penalty of Rs 27 crore on 13 banks, together with a Rs 2-crore superb on IndusInd Bank. Other main banks included had been State Bank of India, Bank of Baroda, HDFC Bank and Punjab National Bank.
Other than the RBI and ED, the Serious Fraud Investigation Office and Central Vigilance Commission had been additionally investigating the international change rip-off, media experiences mentioned earlier.
Source: www.financialexpress.com”