The sting operation expert media website Monday in its Operation Red Spider part -2 has revealed that besides private sector banks like ICICI, HDFC and Axis Bank, Public Sector Banks and Insurance Companies too are involved in illegal money laundering, which is hurting the central exchequer billions of Rupees.
The Investigating website in a press release has said that 23 public and private sectors banks and insurance companies - State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, Indian Bank, Indian Overseas Bank, IDBI Bank, Oriental Bank of Commerce, Dena Bank, Corporation Bank, Allahabad Bank, Central Bank of India, all public sector banks, and their insurance associates; Yes Bank, Dhanlaxmi Bank, Federal Bank, DCB Bank, HDFC Bank, ICICI Bank and Axis Bank, all private banks, and their insurance allies; besides the state-owned LIC of India, Reliance Life Insurance and Birla Sunlife, and Tata AIG, among private sector insurers - are running a Nation-Wide Money Laundering Racket, Blatantly Violating the Laws of the Land.
The Chief Editor of the website Anirudh Bahal said that Cobrapost did this investigation in a span of 18 months and at various states includes Uttar Pradesh, Rajasthan, Delhi, Haryana, Andhra Pradesh and Karnataka for exposing the facts about how banking and insurance companies do businesses in India.
Cobrapost in its release has claimed, "Money laundering practices are part and parcel of banking and insurance business across the board…. Even a walk-in customer can avail of such services that help him launder all his unaccounted cash…Money laundering services are being offered openly as a standard product across the board."
Bahal has also expressed its surprise over the reaction of Reserve Bank of India and Finance Ministry that have handed clean chit to these banks and Companies.
"However, even more shocking than the Expose itself has been the ease with which the Reserve Bank of India, The Finance Ministry and the Banks themselves have handed out clean chits, on the premise that "there were only violation of KYC norms" and as such “no money laundering took place because no transaction took place"."
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