Veteran Banker In Charge Of Building 360 One Global Unit Quits In Less Than Two Years, Team Follows

Less than two years after being onboarded to 360 One WAM Ltd. for starting its global unit, veteran banker Vikram Malhotra has resigned from the firm, along with 10 other private bankers who were a part of his team, people aware of the matter told NDTV Profit.

Malhotra and his team, working for 360 One Global, were based out of Dubai and Singapore. All of them are now on gardening leave and will be leaving in another three months, the above-mentioned people said on the condition of anonymity.

Citywire Asia was the first to report on the development.

Malhotra came in to 360 One with over three years of experience in wealth management, having previously worked with global companies like Bank of Singapore — the arm of Oversea-Chinese Banking Corp. that dealt with private banking — as well as Barclays Wealth and Investment Management and UBS. He particularly dealt with high net worth individuals among the Indian diaspora.

It is not immediately known where Malhotra and his team are headed.

NDTV Profit was not able to immediately get in touch with Malhotra, and has reached out to 360 ONE for comments.

Bain-backed 360 One, which was earlier known as IIFL Wealth Management, was under the Income Tax Department's lens in late January. Tax authorities were carrying out searches across multiple premises linked to the IIFL group.

NDTV Profit had learnt that tax officials suspected a multi-crore tax evasion and even questioned senior executives and accountants of the group companies. Documents were also said to have been seized.

A week after this, IIFL Finance Ltd. said that the Income Tax Department had concluded its searches at the company's registered office and other offices.

"The company shall promptly inform the stock exchanges, in case of any further material development in this regard," IIFL Finance said in an exchange filing, following the completion of searches.