Allegations of Fraudulent Practices in Indian Bank’s FD Drive: Calls for Internal Probe Intensify
Indian Bank staff allegedly were forced to open fake Fixed Deposits under “IND Secure 444” to inflate figures, sparking calls for an internal probe.
Author: Neha Bodke
Published: 21 hours ago
In what appears to be a disturbing development within Indian Bank, particularly under the jurisdiction of the Coimbatore Field General Manager (FGM) and associated zones, serious allegations have emerged regarding unethical practices during a recently launched fixed deposit (FD) campaign.
The drive, centered on promoting the “IND Secure – 444 Days” term deposit scheme, aimed at mobilizing deposits quickly. As per an internal communication shared on WhatsApp and now circulating on social media, the campaign’s goal was to open 1000 accounts per day over a two-day period. The communication praises certain zones—KARAIKUDI, Tiruppur, and Madurai—for topping the list in account openings. Coimbatore led in deposit amounts at ₹6.58 Cr, followed by Trichy and Tiruppur.
However, this drive has now come under scrutiny after reports surfaced alleging that branch staff were coerced into opening 30–50 FDs in their own names, with each FD amounting to just ₹1000. These instructions, reportedly issued over the phone by zonal executives and FGM offices, aimed at artificially inflating performance numbers.
Image: The tweet by WeBankersOfficial and a Whatsapp message regarding the “IND Secure- 444” fraud.
As per source, multiple Indian Bank employees reported being threatened into participating in these activities. It is alleged that many of these FDs were created using funds already within the bank—primarily from Savings Bank (SB) and Overdraft (OD) accounts—thus not bringing in new funds but increasing the bank’s cost of funds.
According to WeBankersOfficial, this is a form of “window dressing”—an attempt to present a misleadingly positive financial picture to senior management or regulators.
Image: Reactions by several accounts on “IND Secure- 444” fraud.
Critics argue that such behavior not only amounts to misutilisation of resources but potentially qualifies as fraud. They further accuse certain executives of engaging in sycophantic practices to impress higher officials, thereby compromising the bank’s integrity and operational ethics.
Image: Reactions by a X user on “IND Secure- 444” fraud.
Perhaps the most damning commentary came from a X user, which tagged regulatory authorities like SEBI and the Department of Financial Services (DFS), stating: “This actually amounts to massive manipulation of figures for a publicly traded company. FRAUD written all over.”
This remark, though satirical, resonated strongly with many viewers and underscored concerns about regulatory compliance, data integrity, and public trust in government-owned banks.
Demands and Reactions
Activists and employees are now demanding an internal audit of the FD accounts opened under the Coimbatore FGM, particularly on May 8, 2025. Suggestions have also been made to file RTIs (Right to Information) to expose the full extent of the malpractice. According to sources, a publication quoting these details and tagging Indian Bank’s top officials and the Finance Ministry may put sufficient pressure on the administration to initiate an inquiry.
No comments yet.