IndusInd Bank Case: Economic Offences Wing questions CFO Gobind Jain

Mumbai Police Economic Offences Wing (EOW), probing the IndusInd Bank case, summoned CFO Gobind Jain on Monday.

Jain, reiterating that he was the whistle-blower, told investigators he had repeatedly raised the issue through various channels, including a letter to the PMO seeking an independent probe.

EOW sources told CNBC-TV18 that Jain submitted documents to support his claims, which are now being examined. He also sought more time with senior officers, a request the EOW granted, and Gobind Jain will reappear on Thursday.

The agency has also summoned former top executives, ex-ED and Deputy CEO Arun Khurana asking him to appear on Tuesday and former MD and CEO Sumant Kathpalia asking him to appear on Wednesday.

Also Read: IndusInd Bank appoints Viral Damania as Chief Financial Officer

Investigators are also probing why the issue, which began in 2015, took a decade to surface. EOW is conducting a preliminary enquiry based on a complaint from the current management of the bank. The enquiry concerns an alleged ₹1,979 crore accounting error in the bank’s derivative portfolio, first flagged in April, which triggered a 25% plunge in IndusInd’s stock and wiped out ₹15,000 crore in market value.

EOW has also written to the IndusInd board seeking the audit report prepared by Grant Thornton. In its report, GT flagged lapses by 25 employees who were suspended after the findings were filed. The EOW has sought the report to understand the scope of GT’s audit, the actual nature of the losses caused by the alleged miscalculation, and why the management approached the police years after the issue first arose.