Money Laundering by Private Banks in India

[Sushubh]

In one case, a whistleblower has shown us documentary proof of a dummy account (the account-holder is a drunkard who apparently lent his name for a small price and even signed blank cheques to permit withdrawal of cash) opened with a cash deposit of Rs5,000. Within days, the bank permitted large cheques of Rs15 lakh+, totalling up to Rs80 lakh, being deposited and withdrawn in cash within three days. This instantly converts the cash deposit into a legitimate sum and can be invested in another bank.
If the bank was able to successfully explain this hectic activity in a new account, it clearly means that the rules and processes put in place to detect money laundering simply don’t work and there is no way of knowing if banks monitor new accounts for six months.Another whistleblower from Gujarat confirms the issue of demand drafts based on cash deposits in a laundering move initiated by a large private bank. The same bank apparently gave loans to builders against the security of gold deposits, knowing fully well that the gold bars were purchased with cash payments by benami fronts of the builder or DDs from small cooperative banks.

http://www.readability.com/articles/y6ohlyvn

 

[michschu1]

Lol! I've recently been getting messages like this on my mobile mentioning some Cobrapost.com and claiming exposes money Laundering by um, just about every organization you can think of! I'll give a preview of the companies named in it, BUT NOT MY OWN creation, so don't try to put my ar$e on a DEFAMATION case! Or I will report you to Vigilance! Hold this number responsible +91741B9BB345:L!C, S8!, R3l!@^ceL!fe, C@^@r@, PN8, 8O8, !DB!, Y3$, #DFC, @X!$, !C!C!, 08C, !08, T@t@A!G, F3dr@l, @ll@#ha8ad, !nd!@n, Corporation, DC, D3n@, Dh@nlaxm!, !ndu$!nd, !N&, B@nk 0f M@#@r@$htr@, B@nk of !nd!a, C3ntr@l B@nk of !nd!a, etc.Really? Which have they left out or are they really that clean?