ICICI, HDFC And Axis Banks Accused Of Money Laundering And Benami Transactions

Home Forums Cyber Crimes Investigation In India ICICI, HDFC And Axis Banks Accused Of Money Laundering And Benami Transactions

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    B Singh
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    Banking frauds in India have reached a level where if immediate action is not taken then public would loose faith in the banking industry of India.

    As per media reports, it has been alleged that senior executive of private banks like ICICI, HDFC and Axis Banks have agreed to receive unverified sums of cash and put them in their investment schemes and benami accounts in violation of anti-money laundering laws of India.

    These allegations are serious in nature and a thorough investigation must be conducted by enforcement officials, serious fraud investigation office (SFIO) and Reserve Bank of India (RBI).

    If found guilt, strict legal and administrative actions must be taken against the guilty banks and their officials.

    The banking license of banks repeatedly violating rules and regulations applicable in India must also be cancelled by the RBI.

    Further, it is also high time to formulate phishing laws and regulations for banks and financial institutions of India as well as complaint against more and more banks are filed these days.

    At Perry4Law and Perry4Law’s Techno Legal Base (PTLB) we strongly believe that the regulatory environment for banks in India needs a rejuvenation that must bring transparency, accountability and responsibility among banks of India.

    The sooner this is done the better it would be for the larger interest of all stakeholders.

    Source: Corporate Laws Of India.

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