Expose by Cobrapost.com has forced ICICI Bank and rivals HDFC Bank, Axis Bank to launch internal probes 

On Friday, ICICI Bank suspended 18 employees, a day after the lender and two of its peers were accused of indulging in money illegal removing activities.

According to the sources in ICICI, the suspension is pending the bank's investigation into money illegal removing charges and that the thorough examination is expected to be completed in two weeks.

To go forward, Country's three largest private banks, including ICICI Bank, were yesterday accused of indulging in illegal removing of money both within and outside, with an online portal Cobrapost claiming that a sting operation conducted by it has revealed a scam.

Moreover, the portal Cobrapost had yesterday played the contents of purported video recording of officials of private banks including ICICI Bank, declared to 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.

The footage taken in 'Operation Red Spider', claimed by showing a number of senior executives of the three banks verbally agreeing to take huge amounts of cash from the undercover reporter and putting them into a variety of long-term investment plans so that the black money ultimately is converted into white. Even though, no account was opened nor any cash deposited in these banks.

After the sting operation was followed, ICICI Bank had declared they have constituted a high-level inquiry and a report in this regard will be submitted in two weeks.

To conclude, the bank said ICICI group conducts its business with the highest level of accordance to legal and regulatory requirements and that all employees of the group are trained and required to firmly follow the Group Code of Conduct, including AML and KYC norms.

It's really a disgrace to know such big names to fall under such cheap act!

(AW:Samrat Biswas)