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Money laundering: StanChart, HSBC officers caught on camera

(CNBC) After the Reserve Bank of India (RBI) fined ICICI , HDFC and Axis banks for flouting customer norms, highlighted by a Cobrapost expose, the latest sting operation by the online magazine exposes how some employees in two foreign banks in India have also been involved in accepting black money and agreeing to launder it.

HSBC and Standard Chartered officers have been caught in a Cobrapost sting operation, offering to launder money. A Cobrapost undercover reporter posing as a politician’s aide was offered lockers for black money.

After the earlier Cobrapost sting, the Income Tax Department had issued notices to ICICI, HDFC and Axis banks and the RBI even levied hefty fines on them, but senior bank officials confirm on camera that money laundering is a service offered by all…read full article

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