Cobrapost expose: HDFC Bank, ICICI, Axis accused of money laundering

Moneycontrol Bureau

A Cobrapost pan-India undercover investigation has accused HDFC Bank, ICICI Bank and Axis Bank of running a vast, nation-wide money laundering racket. These shares were down 0.72 percent, 1.20 percent and 1.55 percent at 10:48 am, respectively.

Cobrapost, an online magazine, conducted a sting operation across various branches of private financial institutions recently. The magazine claimed that bank employees are readily accepting black money from customers to convert them into white money as a standard practice.

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;
* These money laundering services are being offered practically as a standard product across the country."

The release said the huge money-laundering racket, being run by these banks, has been captured on video-tape, running into hundreds of hours.

The magazine claimed that the sting shows money laundering services were openly offered even to walk in customers who wish to launder their money and a variety of options are being offered.