SBI, LIC involved in Money Laundering: Cobrapost Sting

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Investigative website Cobrapost on Monday made another revelation naming some big banks and insurance companies, which were involved in money laundering. State Bank of India and LIC were among the the 23 banks and financial sector entities engaged in large-scale wrongdoing.

The website released fresh videos today that alleged wrongdoing by the banks like SBI, Bank of Baroda, Punjab National Bank, Canara Bank, IDBI, Oriental Bank and Dena Bank, and private players such as Yes Bank, Federal Bank, Reliance Life Insurance Tata AIG and Birla Sunlife.

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The website claimed that all the 23 banks mostly the PSU banks and insurance companies allegedly flouted the Foreign Exchange Management Act (FEMA) rules, Reserve Bank of India (RBI) guidelines and KYC norms. They had allegedly accepted unaccounted cash and invested in insurance products.

On the videos aired by the Cobrapost, an LIC agent is shown as willing to accept Rs 25 lakh cash.

Earlier, the website had exposed three private sector lenders – ICICI Bank, HDFC Bank and Axis Bank – showing how the bank executives were giving facilities to customers violating the rules.

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