MUMBAI: ICICI Bank has launched a second external probe to examine allegations of irregularities in 31 loan accounts raised by a third whistleblower complaint, said two people familiar with the matter.
The bank has hired white-collar crime specialist law firm Panag and Babu to investigate the latest matter, said one of the people cited above. The firm will look into allegations that ICICI Bank inflated profits by at least $1.3 billion over eight years by delaying provisioning for 31 nonperforming asset (NPA) accounts.
This will be independent of the probe being conducted by retired Supreme Court judge BN Srikrishna, said the people cited above.
An ICICI Bank spokesperson confirmed the development. “An independent law firm has been appointed by the audit committee to assist it,”…
