NEW DELHI: After stinging India’s three leading private sector banks, investigative news Website Cobrapost’s second report on Monday levelled serious allegations against public sector banks and insurance companies among others.

The report, Red Spider Part 2, reveals large-scale wrongdoings at 23 major public and private sector banks and insurance companies, including moneylaundering. It names public sector entities such as Life Insurance Corporation, State Bank of India, Punjab National Bank, Bank of Baroda, Central Bank of India and Canara Bank, and a host of other entities such as Reliance Life Insurance, YES Bank, HDFC, AXIS, ICICI and TataAIG.

“Our interactions with all officials, some with the rank of divisional manager, territory manager, assistant general manager and vice-president… bear it out clearly that they are parties to and facilitators for these (money laundering) transactions and are conducting their questionable business with nonchalance…” a Cobrapost release said. “Money laundering practices are part and parcel of banking and insurance business across the board; Even a walkin customer can avail of such services that help him launder all his unaccounted cash.”

May 7, 2013

Cobrapost bites banks, insurers

GREY ANATOMY Website alleges money laundering, mismanagement, violation of know your customer laws
May 7, 2013


In what could be termed as a sequel to its earlier expose of private banks, investigative website Cobrapost on Monday released another set of videos through a sting operation, accusing several leading public sector banks and Government-owned as well as private insurers of indulging in money laundering.
May 6, 2013

The money laundering trail

NEW DELHI, MAY 6: A sting operation has alleged the involvement of 23 banks and financial institutions (FIs) in money laundering.
May 6, 2013

Banks, insurance firms deny money laundering charge

Banks and insurance companies charged with allegations of money laundering and violations of Know-your-customers (KYC) norms as part of investigations by online magazine, Cobrapost, have denied any such instances.