ICICI Bank says will probe money laundering allegations

ICICI Bank has said that it will constitute a high-level inquiry committee to probe allegations that it is among the banks that run a nationwide money laundering racket. The committee will submit its report within two weeks.

"We are deeply concerned with the media reports. We want to assure our customers and all our other stakeholders that we are committed towards adherence to the high standards of business conduct, which is expected of us. We have constituted a high level inquiry committee to investigate into the matter and submit its findings in two weeks," the bank said in a statement.

Cobrapost an online portal had run a sting operation in which it alleged that major Indian Private Sector Banks, HDFC Bank, ICICI Bank and Axis Bank,are blatantly running a nation-wide money laundering racket

"A Cobrapost pan-India undercover investigation spanning several months, unearths a vast, nation-wide money laundering racket being run by HDFC Bank, ICICI Bank and Axis Bank. The brazen criminal activity by these banks is channelizing vast amounts of black money into the regular banking system as laundered white money.

Our investigation, conducted across dozens and dozens of branches of these banks and their insurance affiliates, across all five zones of the country, reveal shocking facts," Cobrapost stated in a release.

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