India Fiance & Bank Controversy || Cobrapost exposes money laundering by private banks

Investigative journalist Anirudh Bahl's website Cobrapost today screened secret tapings showing private banks such as HDFC, ICICI and Axis laundering huge amounts of black money with ease. The expose was a pan India under-cover investigation covering Delhi, Chennai and Kolkata amongst other cities and spanning several months. The banks allegedly offered to accept black money and invest it in insurance products and other bank services. They also offered lockers to stash the black money. Cobrapost claims the banks offered to open accounts without adhering to RBI guidelines and also used fake accounts to facilitate conversion of the black money. They also allegedly kept the identity of the depositor a secret.