Cobrapost releases fresh videos on money laundering

Written by feBureau | Mumbai | Updated: Apr 6 2013, 07:09am hrs
Online news magazine Cobrapost released fresh videos allegedly showing bank officials offering money laundering services in the three private banks even as the

Reserve Bank of India is said to have concluded its investigations in the bank branches.

On March 14, the website had uploaded various videos of its sting operation at branches of ICICI Bank, HDFC Bank and Axis Bank which showed employees offering money laundering services to customers.

Following the release of these videos, the Reserve Bank of India had initiated investigations at the branches mentioned by the website and had said that its final report would be completed by March 31.

However, deputy governor of RBI KC Chakrabarty had given a clean chit to banks saying that allegations do not automatically prove lapses.Let us not unnecessarily downgrade ourself. Our system to prevent money laundering is perfect," Chakrabarty had said.

Media reports suggest that the central bank has found instances of violations of Know-Your-Customer norms at some branches. Private banks were also said to have allowed sale of third party products to customers at branches.

A spokesperson in one of the private banks said that the RBI has not officially communicated the findings of their investigation to the bank.