The series of investigative reports of Cobrapost codenamed Operation Red Spider I, II, and III have clearly revealed how the country’s large and small private banks and the nation’s most trusted public sector banks are engaging in money laundering practices. While the RBI claims to be taking action against the erring banks and their insurance associates, Cobrapost has continued its investigation.
Associate Editor Syed Masroor Hasan has now unearthed more disturbing terrains of the Indian Banking landscape. It is not just the home grown banks that have failed in maintaining their code of ethical banking. Even personnel of foreign banks that India has welcomed to set up shop on its soil are equally guilty of misconduct. Here is yet another report on money laundering practices in foreign banks and this is Operation Red Spider 4.
Cobrapost reporter visited HSBC Bank and Standard Chartered Bank with the same proposition as in the previous investigations. Presenting himself as a politician’s frontman, he approaches the bankers and tells them he has a stockpile of black money amounting to crores of rupees in cash to be converted to white. Different bankers laid out different options for the reporter.
But by the end of the investigation, we figured that the bankers, in one way or the other, were ready to indulge the reporter in laundering his scam-tainted cash.
Case 1- Foreign Banks
COBRAPOST EXPOSE, FORIEGN BANKS INVOLVED IN MONEY LAUNDERING
Cobrapost undercover investigation Operation Red Spider had uncovered how the Indian public and private sector banks and their insurance associates have been engaging in money laundering practices. Our investigation across the banking industry in the country has revealed a progressive deterioration of banking ethics and fierce violation of financial norms.
However, not all is dark and grim in the Indian banking sector. Out of hundreds of banking personnel whom Cobrapost reporter interacted with across the country, there are a few bank managers who stood out as redemptive icons of the Indian banking industry. This special feature is dedicated to these 5 bankers who upheld the ethics and principles of banking.
Cobrapost Associate Editor Syed Masroor Hasan presented these bankers with the proposition of converting his fictitious politician’s black money to white.
– The Bankers refused to accept any deposit in cash
– They insisted that every transaction be accompanied by the mandatory pan card
– They refused to pay personal visits to the clients’ residence for any consultation
– They insisted on declaration of source of income for all heavy deposits
– They informed the client, right at the outset, that any investment advice would happen onlyafter a detailed financial assessment of the client
– In word and in deed, they honored the regulations of RBI and the Income Tax department
This special feature is dedicated to these bankers who have given us hope.
Case 2- Ethical Bankers
