Cobrapost expose: Axis Bank: Systems robust; to probe money laundering claims

Like ICICI Bank and HDFC Bank before it, the Axis Bank press release too harps on best practices, high standards and robust process, while not denying outright allegations of money laundering activities.
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Mar 14, 2013, 01.11 PM | Source: Moneycontrol.com

Cobrapost expose: Axis Bank: Systems robust; to probe money laundering claims

Like ICICI Bank and HDFC Bank before it, the Axis Bank press release too harps on best practices, high standards and robust process, while not denying outright allegations of money laundering activities.

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Cobrapost expose: Axis Bank: Systems robust; to probe money laundering claims

Like ICICI Bank and HDFC Bank before it, the Axis Bank press release too harps on best practices, high standards and robust process, while not denying outright allegations of money laundering activities.

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Moneycontrol Bureau

Following is the press release from Axis Bank , in response to the Cobrapost expose that it was helping customers launder black money.

(Emphasis ours)

Like ICICI Bank and HDFC Bank before it, the Axis Bank press release too harps on best practices, high standards and robust process, while not denying outright allegations of money laundering activities.

“Axis Bank has systems and processes that are robust and fully compliant with extant regulations. We will examine whatever information that is brought to our notice and investigate thoroughly.  The Bank has built a strong customer franchise over the years and maintains high corporate governance standards. Any deviations to such standards are viewed very seriously. Best practices across businesses are followed by the Bank and we are confident that all our businesses will live up to the high standards we have set for ourselves as a Bank.”

Interestingly, the responses of all three banks named in expose would have come as a surprise to the Cobrapost team which carried out the sting operation.

This is what the Cobrapost release said on the likely response from the banks to the expose:

“When confronted with irrefutable evidence, the PR spin machines of the banks are likely to go into over drive and claim that ‘these cases are aberrations and isolated’, or that ‘the tapes are doctored’, or that ‘we will look into the matter and take action’.”

Axis Bank stock price

On June 01, 2016, at 11:29 hrs Axis Bank was quoting at Rs 520.50, up Rs 4.90, or 0.95 percent. The 52-week high of the share was Rs 613.40 and the 52-week low was Rs 366.65.


The company's trailing 12-month (TTM) EPS was at Rs 34.47 per share as per the quarter ended March 2016. The stock's price-to-earnings (P/E) ratio was 15.1. The latest book value of the company is Rs 187.27 per share. At current value, the price-to-book value of the company is 2.78.

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Cobrapost expose: Axis Bank: Systems robust; to probe money laundering claims

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