indian_foxhound
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New Delhi: A sting operation conducted by
online magazine Cobrapost across various
branches of private financial institutions has
revealed how bank employees are accepting
black money from customers to convert them
into white money. Cobrapost claims that the nationwide operation shows how private
banking and insurance affiliates launder money
as part of standard procedures. The sting also shows that money laundering
services are openly being offered even to walk
in customers who wish to launder their money
and a variety of options are being offered. So far the Cobrapost sting has shown HDFC Bank
and its insurance affiliates offering such services.
Other banks are also reportedly involved. Cobrapost Editor Anirudh Bahal said that even
senior management is involved in the practice.
"Our investigation shows HDFC Bank, ICICI bank
and Axis Bank rolling out the red carpet for our
reporters proposing money laundering. This is
with active connivance of the senior management of these banks. It is not one off
employee who is doing this," said Bahal. In the wake of these claims ICICI Bank has stated
that the company conducts business with
highest level of legal compliance. "A high level
committee has been constituted to investigate
the matter. We are deeply concerned about the
media reports on money laundering. The committee will submit its report in two weeks." The sting shows that a variety of options for
laundering ill-gotten cash are being offered
brazenly to customers.
http://www.ibnlive.com/news/hdfc-ba...lved-in-money-laundering-report/378704-3.html
online magazine Cobrapost across various
branches of private financial institutions has
revealed how bank employees are accepting
black money from customers to convert them
into white money. Cobrapost claims that the nationwide operation shows how private
banking and insurance affiliates launder money
as part of standard procedures. The sting also shows that money laundering
services are openly being offered even to walk
in customers who wish to launder their money
and a variety of options are being offered. So far the Cobrapost sting has shown HDFC Bank
and its insurance affiliates offering such services.
Other banks are also reportedly involved. Cobrapost Editor Anirudh Bahal said that even
senior management is involved in the practice.
"Our investigation shows HDFC Bank, ICICI bank
and Axis Bank rolling out the red carpet for our
reporters proposing money laundering. This is
with active connivance of the senior management of these banks. It is not one off
employee who is doing this," said Bahal. In the wake of these claims ICICI Bank has stated
that the company conducts business with
highest level of legal compliance. "A high level
committee has been constituted to investigate
the matter. We are deeply concerned about the
media reports on money laundering. The committee will submit its report in two weeks." The sting shows that a variety of options for
laundering ill-gotten cash are being offered
brazenly to customers.
http://www.ibnlive.com/news/hdfc-ba...lved-in-money-laundering-report/378704-3.html
