Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 148]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 181]
LATEST NEWS UPDATES | Cobrapost exposes 10 more banks

Cobrapost exposes 10 more banks

Share this article Share this article
published Published on May 10, 2013   modified Modified on May 10, 2013
-The Times of India


Investigative website Cobrapost has released further secret tapes to show alleged money laundering by more banks.

In the third part of its tapes, Cobrapost claimed that it has recorded officials of Bank of India, Central Bank of India, Bank of Maharashtra, Allahabad Bank and Bank of Baroda, all major public sector banks, as well as IndusInd Bank, ING Vysya Bank, HDFC Bank , ICICI Bank and Axis Bank, among private sector banks. Officials of these banks allegedly offered to help a corrupt politician invest his black money into banking accounts and various insurance products.

In part one of its expose, Cobrapost had claimed that officials of ICICI Bank, HDFC Bank and Axis Bank were willing to assist a corrupt politician to convert his corrupt money. In the second part, Cobrapost had unveiled secret tapes of 23 banks and insurance companies offering to help launder money. Among the 23 were SBI and Life Insurance Corporation among others.

"The RBI continues to act as a protector, and not as a regulator or enforcer. The RBI is loathe to admit that there exists a massive money laundering racket in our financial institutions across the board, flourishing under its very nose, simply because if it were to admit to this deep-rooted malaise, it would strip the RBI of its halo as 'one of the best banking regulators' in the world," Cobrapost said.

New videos allegedly show bank officials offering to help the assistant of a corrupt politician to exploit the banking channels to route dirty money into the banks and insurance products.

The latest tapes covered 10 banking institutions, including HDFC Bank, ICICI Bank and Axis Bank, which were already covered in the first part of the Cobrapost expose. In the third part, more officials of already named banks figure.

"The videos, across the large spectrum of such illegal activity, clearly prove that this is not simply the design of some criminally oriented officers, or for that matter, some young, front-office executive succumbing to performance pressures. It proves without doubt that this corruption is endemic, and spread through the Indian banking and insurance system," a Cobrapost statement said.


The Times of India, 10 May, 2013, http://timesofindia.indiatimes.com/india/Cobrapost-exposes-10-more-banks/articleshow/19978700.cms


Related Articles

 

Write Comments

Your email address will not be published. Required fields are marked *

*

Video Archives

Archives

share on Facebook
Twitter
RSS
Feedback
Read Later

Contact Form

Please enter security code
      Close