Money Laundering

Money laundering: NABARD gives clean chit to cooperative banks

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. ...more    

Money laundering: Information being shared with India, says Mauritius

Port Louis: Facing allegations of being a route for round-tripping of funds and money laundering by Indian entities, Mauritius says it is fully committed to remain a credible financial centre and there has been 170 cases of exchange of information with Indian authorities in the past three years. Allaying the perception of Mauritius being a tax-haven, the government's investment promotion agency Board of Investment (BOI) also said that Mauritius on...  

RBI probes Cobrapost report, reveals major violations by banks

New Delhi: The Reserve Bank of India is probing the Cobrapost sting operation on alleged money laundering by top banks. The RBI report has revealed major irregularities in top banks. The report shows string of violations on several counts. Sources say the RBI report reveals dummy PANs, unknown NRO IDs, unauthorised gold sale, rampant non-compliance of KYC norms and irregular staff trips. Sources say the RBI probe into ICICI Bank...  

Money laundering: RBI action soon; banks start cracking whip

Srinagar/Chandigarh: Amid fresh allegations of money laundering by banks, RBI and several banks on Thursday said actions are being taken against erring institutions and employees for violating prudential banking norms. The central bank has already completed investigations against banks and would take action against guilty institutions, RBI Governor D Subbarao said in Srinagar. "We have done investigations, we have prepared an internal report. There are processes to be followed to...  

No criminality in Cobrapost findings: SBI

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...  

Action against banks involved in money laundering soon: RBI

Srinagar: The Reserve Bank of India (RBI) on Thursday said it has completed investigations against banks following the Cobrapost expose and will take action if they are found guilty of violating prudential banking norms. "We have done investigations, we have prepared an internal report. There are processes to be followed to take investigations to its logical closure...The first is action against individual institutions who are involved in practises which are...  

India @ 9 with Rajdeep Sardesai

Catch the day's top stories with Rajdeep Sardesai on India @ 9. ...

Is the entire banking and finance system prone to money laundering?

As many as 23 public and private sector banks and insurance companies were on Monday accused of "running a nation-wide money laundering racket" by online portal Cobrapost, prompting the Finance Ministry and regulator IRDA to initiate independent investigations into the matter. ...

Money laundering: No KYC norms violation at SBI, says bank chairman

CNBC TV18's Akanksha Sethi spoke to State Bank of India's chairman Pratip Chaudhary over the latest expose by Cobrapost revealing money laundering operations at SBI and other public sector unit banks. ...

Money laundering by banks: Govt to begin probe

New Delhi: As many as 23 public and private sector banks and insurance companies were on Monday accused of "running a nation-wide money laundering racket" by online portal Cobrapost, prompting the Finance Ministry and regulator IRDA to initiate independent investigations into the matter. In its second expose, Cobrapost accused country's leading banks and insurance companies of "running a nation-wide money laundering racket, blatantly violating laws of the land". Those named...  

News 360: SBI, LIC named in expose on money laundering by banks

Part Two of the Cobrapost investigation on money laundering methods used by banks focused on 23 major public sector banks and financial institutions. This included the State Bank of India as also the Life Insurance Corporation. ...

Money laundering: Banks will take action against delinquent employees, says Financial Services Secretary

Part Two of the Cobrapost investigation on money laundering methods used by banks focused on 23 major public sector banks and financial institutions. This included the State Bank of India as also the Life Insurance Corporation. ...

Money laundering by banks: Those at the helm must stem the rot

Part Two of the Cobrapost investigation on money laundering methods used by banks focuses on 23 major public sector banks and financial institutions. This includes the State Bank of India as also the Life Insurance Corporation. ...

RBI should release its audit report on the banks: Aniruddha Bahal

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...  

Money laundering by banks: Will take action depending on crime, says SBI

Twenty three public sector banks, including the SBI, and insurance companies have been named in a sting operation conducted by special investigations website Cobrapost. ...

23 banks, insurance firms engaged in money laundering: Cobrapost

New Delhi: 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. Cobrapost editor Aniruddha Bahal claims that both banks and the insurance companies flouted the Foreign Exchange Management...  

Koda for more Assembly seats for stability in Jharkhand

Jamshedpur: Former Jharkhand Chief Minister Madhu Koda on Sunday demanded that the number of Assembly seats in the state be increased to avoid a fractured mandate and provide a stable government. "I strongly favour that Assembly seats be increased from the existing 81 to at least 140 to provide stability in the government," Koda, an Independent MP, told reporters in Jamshedpur. Koda, who was arrested on November 30, 2009 on...  

Reported cases of economic crimes just 'tip of iceberg': ED

New Delhi: Enforcement Directorate may have seized assets worth Rs 2,357 crore in 2012-13, a seven fold increase from previous fiscal, but it sees the cases of money laundering, forex violations and other economic offences probed by it as just the "tip of the iceberg". The ED has stepped up its prosecution in money laundering cases and is planning to take steps, including filling 1,400 posts, to go full throttle...  

FM tells ED to select cases for prosecution carefully

New Delhi: Finance Minister P Chidambaram on Wednesday said Enforcement Directorate should be extremely careful while choosing cases for prosecution under the money laundering law and focus its energies on important ones. "A word of caution is necessary. We must be extremely selective in deciding which cases to prosecute under the money laundering law. Otherwise, we will be overwhelmed with cases that we would be required to prosecute," he said...  

ED questions Suresh Kalmadi in money laundering case

New Delhi: The Enforcement Directorate on Wednesday questioned sacked CWG organizing committee chief Suresh Kalmadi and recorded his statement in connection with its probe into alleged money laundering in the run up to the 2010 sporting extravaganza. The agency questioned Kalmadi for the second time in less than a month. He was questioned in a separate case of alleged forex violations on March 25 by the agency. Kalmadi has denied...