Cobrapost sting exposes nexus of banks with businessmen, leaders in money laundering

New Delhi/May 6
Cobrapost, an online investigative portal, today accused major Indian national banks including State Bank of India, Punjab national Bank, Canara Bank, Life Insurance Corporation of India, major insurance companies and some other banks and private insurers for allegedly indulging in money laundering activities.
In an expose through sting operation, Cobrapost claimed that SBI, Bank of Baroda, Punjab National Bank, Canara Bank, IDBI Bank, Indian Bank, Yes Bank, Federal Bank and Dhanlaxmi Bank, leading insurance companies as as LIC, Reliance Capital, Birla Sunlife and TATA AIG were helping business and political leaders convert their black money into white.
These bank and insurance companies are openly offering services to even walk-in customers to launder their illicit money with the officials of these institutions putting on table a well crafted list of options to flout law and banking norms, laid down by Reserve Bank of India.
Cobrapost had further alleged that money laundering is not limited to a few dozen employees but it is a nationwide racket.
Earlier on March 14, it has allegedly exposed the money laundering activities of HDFC Bank, ICICI Bank and Axis Bank.
Read full text of sting operation here: