Gobind Jain, the former Chief Financial Officer of IndusInd Bank, has filed a ₹70 crore lawsuit against the bank in the Bombay High Court, alleging that his services were terminated without due process and in violation of his employment agreement. The case has been filed but has yet to come up for a hearing.
Jain’s suit breaks down the ₹70 crore claim into two parts: approximately ₹20 crore covering unpaid salary and bonus entitlements, and ₹50 crore as compensation for reputational damages he says he has suffered as a result of his dismissal. He is also seeking reinstatement to his earlier position. Jain is represented by the Wadia Ghandy law firm; IndusInd Bank has retained Cyril Amarchand Mangaldas for its defence.
The lawsuit is the latest development in a long-running dispute between Jain and the bank. Jain resigned as CFO in January 2025, a move the bank initially framed as him leaving “to pursue other professional opportunities.” The bank had asked Deputy CEO Arun Khurana to take on the additional charge of the CFO.
However, Jain subsequently claimed that his resignation was not voluntary in any meaningful sense, having submitted four letters over several months before it was finally accepted. The circumstances of his departure became further complicated when IndusInd Bank disclosed a ₹1,979 crore discrepancy in its derivatives portfolio in March 2025, which the bank later acknowledged could reduce its net worth by approximately 2.35%.
Jain positioned himself as a whistleblower in the subsequent public controversy, writing to Prime Minister Narendra Modi in August 2025, alleging that he had been the first to identify the treasury irregularities, which he claimed dated back to 2015. He alleged that IndusInd chairman Sunil Mehta and close aides had created a “climate of fear” within the institution, targeted him for raising concerns, and manipulated forensic audit reports. The bank rejected those allegations as “completely devoid of merit” and accused Jain of attempting to obstruct ongoing investigations.
The Serious Fraud Investigation Office subsequently summoned Jain, former CEO Sumant Kathpalia, and former Deputy CEO Arun Khurana for questioning regarding the accounting lapses. Both Kathpalia and Khurana had stepped down from their positions by then. Mumbai Police’s Economic Offences Wing, which ran a parallel inquiry, was preparing to close its investigation after finding no evidence of fund siphoning or diversion.
Jain now appears to have shifted from whistleblower to claimant, alleging in the fresh lawsuit that his departure constitutes wrongful dismissal rather than a resignation, and that he is owed both financial dues and reputational remedy. The Bombay High Court is yet to hear the case.
IndusInd Bank had not issued a public statement in response to the latest lawsuit as of the time of reporting.
