Another high-ranking ex-Credit Suisse banker has filed a suit against the Swiss company in India. He accuses the bank of fraudulent conduct.
The complaint filed at the High Court in Mumbai is the second such action in a short period of time against Credit Suisse in India. Nisheet Singh, a former data-security expert at Credit Suisse, filed a suit against the bank and some of its managers on grounds of harassment and fraudulent conduct, according to a report published in India.
The plaintiff had been laid off by Credit Suisse in June of 2019. The bank had cited budgetary and restructuring reasons for the release.
Restructuring a Mere Pretext
The IT specialist had worked for Credit Suisse for twelve years in total, eight years of which as a contractor. He was responsible for data security in the audit and compliance units.
Singh claims that he wasn’t in fact released for restructuring reasons. He says that he repeatedly had told his line managers and the bank about various deficits and malpractices. These involved vulnerabilities and breaches against the client data security procedures both in Switzerland, Europe and in Asia Pacific.
Major Security Gaps
The security flaws had invited fraudulent activities against clients of the bank, the plaintiff said. He also told the bank about major malpractices (or corruption) in its procurement, said Aashutosh Srivastava, the lawyer acting in the name of Singh, when contacted by finews.asia. This was what cost him his job, the lawyer added.
Srivastava also is representing Ranjit Anand, the former head of Credit Suisse in Pune, who also filed a suit for unfair dismissal and who accuses the bank of fraudulent behavior and flawed corporate governance.
