IndusInd Bank has received a formal investigation letter dated December 23, 2025, from the Serious Fraud Investigation Office (SFIO) under Section 212 of the Companies Act, 2013. The bank disclosed this development through a regulatory filing under Regulation 30 of SEBI listing regulations on December 24, 2025.

Investigation Timeline and Background

The current investigation stems from matters that IndusInd Bank initially reported to the SFIO on June 02, 2025. These matters included accounting issues related to internal derivative trades, certain unsubstantiated balances in other assets and other liabilities accounts, and microfinance interest income and fee income irregularities.

Regulatory Communication Process

In its December 18, 2025 intimation, IndusInd Bank had mentioned that the SFIO had telephonic conversations with bank officials and that written communication was awaited. The formal letter received on December 23, 2025, represents the materialization of this expected written communication, seeking relevant information for the investigation into the bank's affairs.

Current Investigation Status

The SFIO investigation focuses on multiple accounting irregularities that were self-reported by the bank. The Serious Fraud Investigation Office, operating under the Ministry of Corporate Affairs, has statutory powers to investigate companies when there are allegations of fraud or serious violations of corporate laws.

Bank's Cooperation Commitment

IndusInd Bank has reiterated its commitment to provide full cooperation and support to law enforcement agencies throughout the investigation process. The bank continues to work with regulatory authorities to address the identified concerns and ensure compliance with all applicable laws and regulations. This information has also been made available on the bank's official website for stakeholder transparency.

IndusInd Bank has issued an official clarification regarding the Serious Fraud Investigation Office (SFIO) probe, stating that the matter was reported to SFIO under mandatory RBI guidelines rather than being independently ordered by the Ministry of Corporate Affairs. The bank's clarification, issued under Regulation 30 on December 18, 2025, provides detailed context about the regulatory reporting requirements that led to the investigation.

RBI Mandate for SFIO Reporting

According to the bank's official statement, the RBI Master Directions on Fraud Risk Management dated July 15, 2024, mandate that any fraud reported to the RBI involving an amount of ₹1.00 crore and above must also be reported to the SFIO in the same format as submitted to the RBI.

Specific Matters Under Investigation

The bank disclosed that three specific areas were reported to SFIO on June 2, 2025. These matters include accounting of internal derivative trades, certain unsubstantiated balances in other assets and other liabilities accounts, and microfinance interest income and fee income irregularities.

Current Status and Communication

SFIO officials have had telephonic conversations with bank representatives and indicated they will send written communication seeking additional details from the bank. The bank stated it is currently awaiting this formal written communication from the investigation office.

Regulatory Compliance Framework

The bank emphasized its commitment to disclosure obligations under Regulation 30 of the SEBI Listing Regulations and assured continued compliance with these requirements. This clarification demonstrates the complex regulatory environment where banks must report potential irregularities to multiple agencies based on specific thresholds and guidelines.

The development highlights how regulatory reporting mechanisms can lead to investigations across different agencies, with banks required to maintain transparency about such processes with their stakeholders and the public.