Jain had submitted resignation letters at least four times over 2024, starting from June. In his resignation letters, marked to Kathpalia and the bank’s human resources chief Zubin Mody, the former CFO highlighted the “incorrect procedures and practices by treasury”. The treasury department reported to Khurana at the time.
Jain had kept his resignations on hold after assurances from Kathpalia of a free and fair investigation. In his resignation letter on Sept. 29, the former CFO pointed out that despite repeated requests Kathpalia had not started an independent audit.
The lack of an audit was creating a “seemingly untenable and risky position” Jain said in his letter.
In front of the EOW investigators, the former CFO then alleged that he was called by Mody to Hinduja House in Worli, Mumbai. There he was made to write an entirely new resignation letter, which was released to the exchanges on Jan. 18.
Jain has also submitted proof of a handwritten note, allegedly dictated by Mody, before the formal resignation was sent. This note formed the basis of the final resignation letter, Jain has alleged.
To be sure, these are allegations by Jain in front of the investigators. There is no proof directly linking the Hinduja Group with Jain’s exit.
During the questioning, Jain has pointed fingers at IndusInd Bank Chairman Sunil Mehta, Head of Audit Committee of the board Bhavna Doshi, Compensation Nomination and Remuneration Committee chief Akila Krishnakumar and Risk Management Committee chief LV Prabhakar, for their alleged involvement . He has also named senior officials of IndusInd Bank’s management team, Chief Risk Officer Vivek Bajpeyi and Mody himself for being involved directly.
Mody, who has been part of the bank for 20 years, resigned from his role in July. His last working day at the bank is Oct. 24.
