Cobrapost Expose: ICICI, HDFC, Axis grill in money laundering, probe starts

A Cobrapost sting operation has bow the Indian banking system into a controversial row, exposing the alleged role of top private sectors lenders ICICI Bank, HDFC and Axis Bank in money laundering practices.

Cobrapost is a website that claimed to have hundreds of video recordings from bank branches across the country.

On basis of hard evidence, it accused all the alleged three banks said that their braches across the India are suggested different methods to launder money to their customers, sources said.

It added that to have a video footage of the HDFC bank official explaining laundering methods to an undercover reporter of Cobrapost.

Meanwhile, the independent investigative journalist, Aniruddha Bahal has said to hand over all the videos to law enforcement officials in wake to carry out a probe against all accused.

The investigations are being called to order by the finance ministry and RBI over allegations of money laundering practices at ICICI Bank, HDFC Bank and Axis Bank.

All three top banks have defended their internal security, said to follow a high level inquiry committee investigation as top priority into the matter.

Shares of the three end down briefly on Thursday. However, if allegations are proven, could major impact on industrialization growth in India, as per Goldman Sachs said.


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