Banking News

Fino Payments Bank: KPMG finds unauthorised actions and misrepresentation by some employees: Fino Payments Bank


Kolkata: KPMG, hired by Fino Payments Bank to carry out an independent investigation on the alleged fraud committed by some of the bank employees, has prima-facie found unauthorised actions and misrepresentation by the alleged staff, the bank said.

“The investigation so far prima-facie indicates that there were unauthorized actions and misrepresentation by the alleged staffs, so also contributory negligence and/or potential collusion on the part of complainants with respect to abnormalities and non-adherence with regular processes of the bank, which seems to have been potentially ignored by the complainants,” the bank said in a regulatory filing Wednesday night.

While the investigation is currently going on, the bank said there would be no liability on it.

The bank received complaints from some of its clients and distributors in Mumbai and Gujarat about some of its employees floating fictitious schemes and non-payment of funds relating to those schemes.

It said that none of these complainants have filed any complaint against the bank for pursuing the recovery with any law enforcement agency.

The bank had suo-moto appointed KPMG to conduct a detailed independent investigation of the matter. Based on KPMG’s initial report, it has filed police complaints.


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