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LIC, SBI accused of money laundering: Cobrapost

LIC, SBI accused of money laundering: Cobrapost
In its latest expose, online magazine Cobrapost has accused Life Insurance Corporation ( LIC), State Bank of India (SBI) and many other banks of money laundering.

Earlier in March, Cobrapost had accused India's leading private banks ICICI, Axis and HDFC of being involved in money laundering cases.

According to the video released today, other public sector players including Bank of Baroda, Punjab National Bank, Canara Bank, Indian Bank,Dena Bank, Indian Overseas Bank, Oriental Bank of Commerce and IDBI Bank are also said to have scoofed norms and accepted cash.

Cobrapost Releases fresh cases across dozens of branches to show how the money laundering practices perfected by HDFC Bank, ICICI Bank and Axis Bank are not aberrations but are, in fact, ssystemic to them.

On March 14, Cobrapost exposed HDFC Bank, ICICI Bank and Axis Bank. However, there has been a concerted effort not only on the part of these banking majors involved but also on the part of the RBI and the Finance Ministry to debunk these alarming revelations as aberrations, or even worse, as nothing to get perturbed about, Cobrapost said in the press release.

Read more about: cobrapost lic sbi hdfc icici
Story first published: Monday, May 6, 2013, 13:55 [IST]
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