Latest news with #IAD
Yahoo
29-05-2025
- Business
- Yahoo
Photos: New 14-gate concourse coming to Dulles International Airport
DULLES, Va. () — The Washington Dulles International Airport (IAD) is counting down to the big reveal of its new 435,000 square-foot concourse. In anticipation of the new addition, officials showed renderings of the new facility, Concourse E. The state-of-the-art establishment will give passengers direct access from the airport's AeroTrain system, provide an enhanced customer experience and increase IAD's capacity for domestic and international flights. PREVIOUS COVERAGE | Dulles International to get $35M in federal funding; BWI getting $14.5M Concourse E will feature over 46,000 square feet of new shopping opportunities, dining and other amenities. The new facility will come with 14 new gates, jetbridges at every gate, comfortable seating and direct access to the AeroTrain. To top it all off, there will also be a new 40,000 square foot United Airlines club lounge and space on the upper level. Officials said the new concourse fits the vision of the Dulles Airport Master Plan, which is designed to ensure that the airport evolves around continued growth. IAD noted that its record-setting passenger growth is outpacing the current terminal gate capacity, especially for United Airlines. The airport said that existing United Airlines gates A, C and D are fully utilized several times each day, leaving waiting areas and concession locations full. As a result, the United's waiting areas need more room to connect flyers. Construction for Concourse E is expected to be completed by 2026. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
News18
22-05-2025
- Business
- News18
IndusInd Bank Shares Fall After Lender Suspects Staff Involvement In Rs 173 Cr Accounting Fraud
Last Updated: IndusInd, India's fifth-largest private lender by assets, announced in March that it had identified accounting discrepancies in its derivative portfolio. IndusInd Bank Share Price: IndusInd Bank's shares are in focus after the private lender suspects a staff involvement in a Rs 172.58 crore accounting discrepancy. Along with its q4 results, IndusInd Bank disclosed in the filing that 'the Board is also in the process of taking necessary steps to assess roles and responsibilities and fixing staff accountability as per the extant laws and internal code of conduct, in all the identified irregularities." The irregularity came to light following investigations by an external professional firm and the bank's Internal Audit Department (IAD). The IAD submitted its report on May 20, 2025, revealing that Rs. 172.58 crores were mistakenly recorded as fee income in the microfinance business over three quarters ending December 31, 2024. This amount was subsequently reversed in Q4 of FY 24-25, according to the bank's exchange filing.
Time of India
21-05-2025
- Business
- Time of India
IndusInd Bank flags fraud of Rs 172.58 cr, says certain employees played major role in recent accounting lapses
IndusInd Bank on Wednesday disclosed a suspected case of internal fraud involving its microfinance operations, with Rs 172.58 crore wrongly recorded as fee income across three quarters in the financial year 2024–25. The irregularity came to light following investigations by an external professional firm and the bank's Internal Audit Department (IAD). The IAD has on May 20, 2025 submitted its report which determines that a cumulative amount of Rs. 172.58 crores was incorrectly recorded as fee income in the microfinance business over three quarters ending December 31, 2024 and reversed in Q4 of FY 24-25, said the bank in an exchange filing. The bank reported its first quarterly loss in at least 18 years today and said that it suspects that some employees had engaged in fraud that led to accounting lapses, which weighed on its results. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Relax at home and start earning extra income effortlessly. Marketsall Undo IndusInd, India's fifth-biggest private lender by assets, disclosed in March that years of incorrect accounting of internal derivative trades led to a $230 million hit to its accounts for the financial year ended March 31. Its CEO, Sumant Kathpalia, and deputy, Arun Khurana, stepped down last month. Live Events Separately, earlier this month, it flagged that an internal audit of its microfinance business found that a sum of around $80 million was incorrectly recorded as interest over three quarters of fiscal year 2025, and that the amount was fully reversed in January. "Board suspects the occurrence of fraud against the Bank and the involvement therein of certain employees having a significant role in the accounting and financial reporting of the Bank," IndusInd Bank said in a statement on Wednesday. It said its fourth-quarter results accounted for the impact of all discrepancies identified in probes into these cases.
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Business Standard
16-05-2025
- Business
- Business Standard
IndusInd Bank shares end flat after sharp decline in morning trade
Shares of IndusInd Bank ended flat on Friday after dropping nearly 6 per cent earlier in the day as the firm said its Internal Audit Department (IAD) found "unsubstantiated balances" of Rs 595 crore in "other assets" of its balance sheet, and has also examined the roles of key employees in this lapse. The stock tanked 5.68 per cent to Rs 735.95 during the morning trade on the BSE. Later, at the fag-end of the trade, the stock managed to settle in the green, up 0.26 per cent at Rs 782.30. At the NSE, shares of the firm ended at Rs 784.70, up 0.53 per cent after dropping 3.90 per cent to Rs 750 in morning trade. In a regulatory filing on Thursday, IndusInd Bank said this balance was, later in January 2025, set off against corresponding balances appearing in "other liabilities" accounts. It said following receipt of a whistleblower complaint, the IAD was asked by the audit committee of the board to review transactions recorded in "other assets" and "other liabilities". This was in addition to the review of the bank's MFI business, which the beleaguered lender had disclosed to the stock exchanges on April 22. "Pursuant to receipt of a whistleblower complaint, the IAD was asked by the audit committee of the board to review transactions recorded in 'other assets' and 'other liabilities'. The IAD has submitted its report on May 8, 2025 that there were unsubstantiated balances aggregating to Rs 595 crore in 'other assets' accounts of the Bank. These were set off against corresponding balances appearing in 'other liabilities' accounts in January 2025," IndusInd Bank said. The IAD has also examined the roles and actions of key employees in this context, it added. Earlier on April 22, IndusInd had said as part of the process of finalisation of accounts, the bank's IAD is conducting a review of the bank's MFI business to examine certain concerns and it has engaged EY to assist the IAD. "The board is taking necessary steps to strengthen internal controls, fix accountability of the persons responsible for these lapses and will take action as appropriate," IndusInd said.
Economic Times
15-05-2025
- Business
- Economic Times
IndusInd Bank clarifies on new accounting irregularities, says Rs 674 crore 'incorrectly recorded as interest'
IndusInd Bank's internal audit revealed a Rs. 674 crore misrecording of interest over three quarters of fiscal year 2025, which was fully reversed in January 2025. Additionally, unsubstantiated balances of Rs. 595 crores in 'other assets' were offset against 'other liabilities'. The bank is strengthening internal controls and addressing accountability following a whistleblower letter and anomalies in its derivatives portfolio. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The IndusInd Bank on Thursday said that the lender's Internal Audit Department report showed that it had incorrectly recorded Rs 674 crores as interest for three quarters of fiscal report, submitted on May 8, also found unsubstantiated balances aggregating to Rs 595 crore in "other assets" accounts of the bank, the Hinduja Group-owned lender said."The IAD has since submitted its report on May 8, 2025. Based on the report, it is noted that a cumulative amount of Rs. 674 crores was incorrectly recorded as interest over three quarters of FY 24-25, which was fully reversed as on January 10, 2025," said the bank in a stock exchange new accounting lapses were reported by The Economic Times in its May 15th edition. ET had reported that a whistle‑blower's letter had flagged new anomalies. The letter raised concerns about a Rs 600-crore discrepancy in the accrual of interest income in the bank's microfinance portfolio, and an instance of inappropriate relationship between a senior executive and an employee, who was sacked and subsequently rehired by this executive."The IAD has submitted its report on May 8, 2025 that there were unsubstantiated balances aggregating to Rs. 595 crores in 'other assets' accounts of the Bank. These were set off against corresponding balances appearing in 'other liabilities' accounts in January 2025," said the disclosing the discrepancies, the lender said that the audit department has also examined the roles and actions of key employees in this context. "The Board is taking necessary steps to strengthen internal controls, fix accountability of the persons responsible for these lapses and will take action as appropriate," said IndusInd Bank through a stock exchange findings add to IndusInd's growing woes and come just weeks after its CEO and deputy CEO resigned following a derivatives accounting lapse that hit the bank's net worth.
