New Delhi 14 March 2013: Online magazine Cobrapost.com has released the details about a sting operation conducted across various branches of private banks. The video released shows how bank employees are accepting black money from customers to convert them into white money.
As per the report leading private financial institutions like HDFC Bank, ICICI Bank, Axis Bank etc are included in this fraud.
Cobrapost claims that the nationwide operation shows how private banking and insurance affiliates launder money as part of standard procedures.
The video of the sting operation shows an unknown person claiming to represent a politician with loads of black money is convinces the bank officials that he needs solutions for converting black money into white. The bank officials willing to oblige, ignoring basic requirements like Know Your Customer (KYC) norms or PAN card details. The operation has been conducted in several branches of different banks across India.