Money laundering by 23 Public Sector banks

Money Laundering By 23 Private And Public Sector Banks including Insurance Companies and Financial Institutions in violation of several provisions of the Income Tax Act, FEMA, RBI regulations, KYC norms, the Banking Act. For money laundering , banks enabled creation of Forged PAN Cards and Multiple Accounts, and advised investors to maintain fictitious accounts for seven years saying that all details vanish after this period. This enabled Local Politicians / Politically Connected Businessmen launder “..Illict Money..” abroad. This took place in Uttar Pradesh, Rajasthan, Delhi, Haryana , Andhra Pradesh & Karnataka. All Congress ruled states.

Public Sector banks involved are :

1. State Bank of India,

2. Canara Bank, IDBI,

3. Punjab National Bank,

4. Oriental Bank of Commerce

5. and Central Bank

6. Bank of Baroda

7. Indian Bank

8. Overseas Bank, Dena Bank

9. Corporation Bank,

10. Allahabad Bank,

11. Central Bank of India

12. IDBI

Private Banks involved are :

1. HDFC Bank,

2. ICICI Bank

3. Axis Bank

4. Dhanlaxvmi Bank

5. Yes Bank

6. DCB Bank

7. and Federal Bank

Private banks involved are helping their customers convert Black Money into White

Investigations have established beyond doubt that Money Laundering is not confined to Private Banks, and is not an aberration, as is being made out in certain quarters in the media. On the contracy it is rather endemic overarching the entire banking system and insurance sector, without exception, however shocking it might be..

Investigations have revealed some startling facts.

a) Money laundering practices are part and parcel of banking and insurance business across the board
b) Even a walk-in customer can avail of such services that help him launder all his unaccounted cash and
c) Money laundering services are being offered openly as a standard product across the board.

Insurance companies named in expose:

1. Life Insurance Corporation of India,

2. Reliance Insurance,

3. Birla Sublife,

4. Tata AIG

For money laundering, banks enable creation of forged pan cards and multiple accounts , bankers openly they advise investors to maintain fictitious accounts for seven years saying that all details vanish after this period. It is also alleged that senior bank executives personally go to collect cash to help customers launder black money.

Banks suppressing alerts on suspect dealings: RBI probe

Josy Joseph, TNN | May 14, 2013, 01.13 AM IST
NEW DELHI: An investigation by the ReserveBank of India ( RBI ) into allegations of money laundering by Private Banks has found large-scale violations ranging from huge cash deposits without PAN to dummy numbers.
The probe report , a copy of which is available with TOI, shows that three private players — HDFC Bank, ICICI Bank and Axis Bank — had also hugely suppressed alerts generated by their system on suspected transactions.

Reaction of RBI Governor

Downplaying the incident last month, K.C. Chakrabarty, Deputy Governor in-charge of banking supervision, had said,

“…Allegations don’t mean know-your-customer (KYC) norms have been flouted. There is not a single transaction which has taken place…These are transactional issues, which have nothing to do with money laundering….”

Underestand :

We need to understand here is that all the banks involved in Money Laundering were from Congress Ruled States , they were actually helping Local Politicians , Bureaucrats / Industrialists / Businessmen launder their illicit money abroad. RBI was well aware of what is taking place , and chose to pretend otherwise which is obvious from the reaction of the Deputy governor. Not surprisingly why there is such a Huge Price Rise and Indian government doesn’t have dollars to pay abroad..

Money laundering: RBI imposes fine of Rs 49.5 crore on 22 banks
PTI | Jul 15, 2013, 02.02PM IST
MUMBAI: The Reserve Bank of India on Monday penalised 22 banks for violating know your customer/anti-money laundering norms.The RBI imposed a fine of Rs 49.5 crore on 22 banks, includingSBI, PNB, Yes Bank, Kotak Mahindra, Canara Bank and Bank of India.The RBI also issued cautionary letters to Citibank, Stanchart, RBS, BNP Paribas, Tokyo Mitsubishi, Barcleys and State Bank of Patiala

IMPORTANT Comments –

Only Rs.2crore fine each…?
No accountability..?. No arrests..? No conviction?. What is this game. What is the amount of money laundered..?
CONGRESS :- Pay FINE….. Get away with India’s LOOTED MONEY !
Better SHUT-DOWN the DAWOOD/ISI Bank !
WOW !!!! Nationalised banks too?????
Atleast RBI found this in progress……. Finally some responsible action..
Very nominal fine, if this was happened in USA then it could be billions of dolor. Directly they are supporting HAWALA money
ize of these mammoth banks, this amount is just nothing… are they fizzling out by paying this amount?
Thats good you legitimise unnaccounted wealth and pay just fines. Why not there banking license revoked

Narendra Modi Government has quietly retained all the finance Ministry officials, who connived in Money Laundering.

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