Mumbai: Amid allegations of cooperative banks being used as conduits for money laundering, NABARD, which jointly regulates such lenders, has said that it has found no shortcoming pointing towards any such activity.
"Every year we do an inspection and we have not found anything like that," National Bank for Agriculture and Rural Development's (NABARD) chairman Prakash Bakshi told reporters over the weekend, when asked about the recent controversy over money laundering.
A probe launched by Reserve Bank of India following allegations of non-compliance with anti-money laundering measures and know your customer (KYC) norms by top private banks has reportedly found that cooperative banks are used as conduits.
Not having the entire bouquet of service offerings, the cooperative banks tie-up with scheduled commercial banks to expand their reach. Co-operative banks can accept cash under Rs 50,000 from customers (the limit at which reporting to tax authorities sets in). They usually earn commission from larger banks for providing services. ...
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02:22 PM, May 19, 2013
Chandigarh: Bank officials' advices of splitting deposits to evade taxes, as exposed in a sting operation by an online news portal, are "undesirable loose talks" but there is no apparent criminality, SBI Chairman Pratip Chaudhuri said on Thursday. "Prima facie, things that have come to our notice it looks (that) there is no criminality in the sense that somebody has suggested splitting up your deposits, say Rs 50 lakh into...
09:45 PM, May 09, 2013
Special Investigations website Cobrapost has revealed that 23 banks and insurance companies have been engaged in money laundering. Among the 23 banks involved are mostly PSU banks including some big names like the State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, IDBI, Oriental Bank and Dena Bank. Aniruddha Bahal, editor-in-chief, Cobrapost.com, joined IBNLive readers for an interaction on the matter. Q. Hats off to you and...
06:39 PM, May 06, 2013
Haryana IAS officer Ashok Khemka hit the headlines in October 2012 when he pointed to irregularities in a land deal between Sonia Gandhi's son in law Robert Vadra and real estate giant DLF. Khemka has always acted as a whistleblower of sorts and has been transferred 44 times, last week he was again transferred from his post for exposing a scam in the purchase of fungicides. ...
11:29 PM, Apr 15, 2013
On Friday, CNN-IBN and Open Magazine aired an explosive video of CRPF commandos stating that a Bihar Superintendent of Police and his SHO fraudulently claimed gallantry awards for an encounter in which they never took part. Two CRPF commandos, Ramzan and Imtiaz, who braved the bullets to fight the Naxals during the Rohtas encounter in January 2012, said they were sidelined for the awards. ...
10:01 PM, Mar 23, 2013
The Rajasthan Chief Minister, Ashok Gehlot, on Friday cancelled the sandstone mining contracts awarded to his relatives. An IBN Network expose had revealed that the contracts had been awarded to Gehlot's relatives at throwaway prices. Although Gehlot had denied the allegations, he ordered a probe nonetheless, vowing to quit if the charges were proven true. ...
11:31 PM, Mar 22, 2013
A sting operation conducted by online magazine Cobrapost across various branches of private banks has revealed how bank employees are accepting black money from customers to convert them into white money. Cobrapost Editor Aniruddha Bahal has insisted that leading private banks like HDFC Bank, ICICI Bank and Axis Bank are involved in this. He joined IBNLive readers for an interaction on the issue. ...
05:23 PM, Mar 15, 2013
Konka, a consumer electronics and mobile company based in China, is all set to make its debut in India with a range of Android smartphones in partnership with Mak Mobility. ...
05:25 PM, Feb 24, 2013
Audio tape linking Central Bureau of Investigation (CBI) prosecutor AK Singh to 2G scam accused Sanjay Chandra will now be part of the status report, a week after CNN-IBN's 2G collusion expose, sources have said. The status report is set to be presented to the Supreme Court on Monday. ...
07:29 AM, Feb 18, 2013
IBN7 carried out a sting operation that revealed the nexus between corrupt traffic policemen, bus owners and officials of the Delhi Police. ...
02:21 PM, Jan 25, 2013
Thiruvananthapuram: An aggressive Oommen Chandy came down heavily on Opposition Leader V S Achuthanandan for what he termed as negative approach and levelling charges after boycotting the all-party meet on Emerging Kerala 2012. The Chief Minister also flayed his predecessor for seeking clarifications on three specific projects and presented documents to prove that the former Chief Minister himself had put his signature on the same projects. Chandy said that Achuthanandans...
05:08 PM, Sep 07, 2012
An IBN Cobrapost expose has revealed how a full fledged nexus between corrupt police officials, touts and railway clerks defrauds the system. ...
10:35 AM, Aug 11, 2012
The actor Payal Rohatgi has come up with a similar line of defence as others. She claims that she and her partner asked for cash only to tick off a persistent reporter. ...
08:48 PM, Jul 11, 2012
New Delhi: Expressing satisfaction with the Cobrapost-IBN Network expose that revealed how black money was being used in Bollywood, Janata Party leader Subramanian Swamy said that a comprehensive enquiry must be set up under a sitting judge of the Supreme Court to probe the use of black money in public entertainment. Congratulating CNN-IBN for a sting that was "excellently done" and "very courageous", he said, "The expose was very courageous...
09:50 AM, Jul 11, 2012
New Delhi: Team Anna member and anti-corruption crusader Kiran Bedi on Wednesday tweeted her reaction to the Cobrapost-IBN Network expose on the use of black money in Bollywood. She said, "Is Bollywood, Dirtywood or Blackwood? Was that the main reason this 'Wood' did not come out in support of Anna's movement despite requests?" Popular filmmakers Anubhav Sinha, Anees Bazmee and Vashu Bhagnani were caught on tape discussing the use of...
08:34 AM, Jul 11, 2012
New Delhi: Popular filmmakers Anubhav Sinha, Anees Bazmee and Vashu Bhagnani were caught on tape discussing the use of black money in the industry in a Cobrapost-IBN Network Expose. While most of the filmmakers denied their on camera claims, industry veterans expressed shock on seeing known filmmakers openly talking about ways to launder black money. Filmmaker Mukesh Bhatt said, "What I have heard from Vashu, it is shocking what we've...
07:47 AM, Jul 11, 2012
Mumbai: Top Bollywood producers and directors reveal on camera how black money funds their films and how they launder it for their investors. Vashu Bhagnani, Anubhav Sinha and Anees Bazmee reveal Bollywood's worst kept secret on camera. It's a Cobrapost-IBN Network Expose of Bollywood's Black Money Business Model. It's the Really Dirty Picture. Anubhav Sinha First up, the story of the man who is counted amongst the biggest success stories...
08:16 PM, Jul 10, 2012
New Delhi: All the 8 corrupt councillors shown demanding bribes in an IBN Cobrapost investigation have been suspended. This includes 6 BJP councillors and 2 from the Congress. The investigation showed them seeking bribes from builders for illegal construction. After taking action against the councillors, Delhi BJP president Vijender Gupta said, "We have suspended all six councillors. We want to send out a message that we will not tolerate corruption....
09:51 AM, Dec 07, 2011
Lucknow: Former Union Minister Mani Shankar Aiyar on Monday rubbished WikiLeaks expose that he was replaced by Murli Deora as Petroleum Minister in 2006 under US pressure. He, however noted that the US was happy that he was removed. It is rubbish that petroleum portfolio was taken from me as the US was unhappy," Aiyar told reporters here in a reply to a question on WikiLeaks reports. He said that...
12:58 PM, Mar 28, 2011
Tallahassee: Rock and roll icon Jim Morrison was pardoned on Thursday by the Florida clemency board for exposing himself at a raucous concert in 1969, an act the late singer and many concert-goers denied ever took place. Outgoing Governor Charlie Crist and the clemency board voted unanimously to pardon The Doors' lead singer, who would have turned 67 on Dec. 8. Morrison, the bad boy "lizard king" who became a...
11:01 AM, Dec 10, 2010
