HSBC may face probe in India as well: report
10 November 2012
HSBC, Europe's biggest bank, which is charged with money laundering in the US, Mexico and the UK, may also face probe over its alleged involvement in money laundering and channeling of funds held by terror groups operating in India, reports said today.
Reports said the bank is likely to face a co-ordinated probe by various agencies, including the tax department and security agencies as the allegations are serious in nature with security implications.
Reports, meanwhile, said official sources have denied that the investigation would have no links with India Against Corruption activist Arvind Kejriwal's allegations of money laundering against HSBC.
HSBC, however, refuted all allegations and said the bank takes compliance with the law very seriously.
Meanwhile, an official release today said the government has analysed information regarding some holders of overseas bank accounts and the various agencies are investigating the matter.
''Investigations in the matter are under progress, including with the foreign tax authorities to obtain more information with regard to the reported account holders. Appropriate action has been taken on these cases and further action, including assessment, tax collection and levy of penalty will be taken as per the provisions of the Income Tax Act, 1961 and based on the facts of each case,'' the release said.