Public/Private Sector Banks Beware!


Aniruddha Bahal, editor of the independent news website Cobrapost, on Monday alleged his investigations had established that 23 public and private financial institutions were involved in money laundering.

The website accused public banks including State Bank of India, Canara Bank, IDBI, Punjab National Bank, Oriental Bank of Commerce and Central Bank.

“Money laundering services are being offered openly as a standard product across the board. Even a walk-in customer can avail of such services that help him launder all his unaccounted cash. Money laundering practices are part & parcel of banking & insurance business across the board,” Bahal alleged at a press conference.

Sting operations by the website have revealed violation of several provisions of the Income Tax Act, FEMA, RBI regulations, KYC norms, the Banking Act, said Bahal.

“The revelations amounts to crystal clear offenses under IPC as well as the PMLA (Prevention of Money laundering Act).”

The Cobrapost investigations were conducted fore more than half a year in many states including Uttar Pradesh, Rajasthan, Delhi, Haryana, Andhra Pradesh & Karnataka.

Source: HT


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