Billionaire Hindujas Vow Bank Support After Suspected Fraud (1)

The billionaire Hinduja family behind IndusInd Bank Ltd. pledged support for India’s fifth-largest private sector lender after it posted a record quarterly loss and disclosed a case of suspected fraud.

Ashok Hinduja, chairman of IndusInd International Holdings, said the Mumbai-based bank’s capital adequacy is “quite healthy,” and the family would step in if it required further equity.

“I express my continued, unequivocal trust in the chairman & board of directors of the bank for their appropriate, swift actions in order to address discrepancies and attendant areas of concern,” Hinduja said in a statement on Thursday. “This shall be a ...