-Outlook
A sting operation carried out by online magazine Cobrapost across various branches of private banks has revealed that banks are involved in money laundering.
The sting operation shows that HDFC Bank, ICICI, and Axis Bank are running a nationwide money laundering racket.
Cobrapost Editor Anirudh Bahal said that even senior management is involved in the practice. "Our investigation shows HDFC Bank, ICICI bank and Axis Bank rolling out the red carpet for our reporters proposing money laundering. This is with active connivance of the senior management of these banks. It is not one off employee who is doing this."