HDFC Bank says probe has found no money laundering - Daily News & Analysis

HDFC Bank on Tuesday denied all the charges of money laundering levelled by cobrapost.com, asserting there has been no wrongdoing on its part. Rebutting the claims made by the online investigative magazine, the lender said certain processes at the bank actually prevented any such transactions from going through. The clarifications came more than a month after the magazine posted videos from its sting operation purportedly showing officials of HDFC Bank, Axis and ICICI willing and facilitating deposits of untaxed black money into various accounts and products to convert the same into white. All employees shown in the footage have since been suspended. "Since this broke out, there have been multiple agencies and institutions which have tried to investigate this issue. We had an internal audit, an independent forensic fact-finding, which was done, and of course, the regulators have been doing their investigations and scrutiny," said Paresh Sukthankar, ED, HDFC Bank. "All of these have been categorical that in all the three cases, no transaction of the nature that has been alleged... has found to have taken place." On Tuesday, RBI deputy governor K C Chakrabarty said the central bank may change know-your-customer norms to check any "transaction-level" aberrations, but repeated no money-laundering transactions happened at the three banks. Sukthankar did not, however, rule out action against the employees shown in the operation. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNG12fxoe0ydFF7eKEp-OA_1dnvF4Q&url=http://www.dnaindia.com/money/1826281/report-hdfc-bank-says-probe-has-found-no-money-laundering

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