E-magazine 'sting' claims routine money-laundering at 3 banks
14 March 2013
Online magazine Cobrapost today claimed to have conducted a pan-India undercover investigation in which it has found HDFC Bank, ICICI Bank and Axis Bank running a nation-wide money laundering racket.
Cobrapost said it conducted a sting operation across various branches of private financial institutions recently, some of it caught on camera. It claimed that bank employees are readily accepting illicit cash from customers.
In a release sent to the media, Cobrapost alleged that these money laundering practices are part of a standard set of procedures within these banks.
"These money laundering services are being openly offered to even walk-in customers who wish to launder their illicit money;
''A variety of options for laundering ill-gotten cash are being offered brazenly; and practically as a standard product across the country."
The release claimed it had hundreds of hours of footage of the huge money-laundering racket being run by these banks.