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ICICI Bank suspends 18 employees


New Delhi, Mar 15, 2013 : ICICI Bank today suspended 18 employees, a day after the lender and two of its peers were accused of indulging in money laundering activities.
The suspension is pending the bank’s investigation into money laundering charges, sources in ICICI told PTI. The probe is expected to be completed in two weeks.

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

The portal Cobrapost had yesterday played the contents of purported video recording of officials of private banks including ICICI Bank, allegedly agreeing 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’, purportedly shows 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.

However, no account was opened nor any cash deposited in these banks.
After the sting operation was played out, ICICI Bank had said they have constituted a high-level inquiry and a report in this regard will be submitted in two weeks.

"ICICI group conducts its business with the highest level of compliance to legal and regulatory requirements. All employees of the group are trained and required to adhere strictly to the Group Code of Conduct, including AML and KYC norms," the bank had said.

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Comments on this Article
Mahesh, surathkal Mon, March-18-2013, 5:36
why am i not surprised. of course everyone to an extent is under pressure from their peers but that doesn’t mean you forget your principles.
shalaka, bangalore/mumbai Mon, March-18-2013, 5:32
are you serious ... you should have complained to the bank manager. you can\’t trust anyone these days . very sad .
SONIA, MUMBAI Sat, March-16-2013, 5:24
sanjay pani , an icici bank employee of veera desai branch located in mumbai west ,firstly pestered me to open an account then out of greed as i had around 31,000 to be deposited . he accepted the money first and then asked for the documents , later on said my account couldn’t be opened as i didn’t submit proper documents(WAS HE BLIND WHEN I SUBMITTED THEM THE FIRST TIME IN THE BANK ) and he said it might take days to recover the money so i might have to pay another 10,000 rs to open a new account. after which he disappeared and i had to catch hold of the manager , for assistance.
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