 "Cobrapost sting fallout: ICICI Bank suspends 18 staff")
ICICI Bank suspended 18 employees on Friday, a day after the lender and two of its peers were accused of indulging in money-laundering activities.
The suspension has been effected pending the bank’s investigation into money-laundering charges, sources in ICICI told PTI. The probe is expected to be completed in two weeks.
Three of the the country’s largest private banks, including ICICI Bank, were on Thursday accused by online portal Cobrapost of indulging in money-laundering; Cobrapost had unveiled the sensational findings and backed it up with sting video.
 Cobrapost had at a press conference played out the sting video, which showed officials of the three private banks, including ICICI Bank, agreeing to receive large sums of cash and channel them into their investment schemes through benami accounts in violation of anti-money-laundering laws.
The video footage shows a number of senior executives of the three banks orally agreeing to take huge amounts of cash from the undercover reporter and channel them into a variety of long-term investment plans so that the black money ultimately is converted into white. However, no account was actually opened; nor was any cash deposited in these banks.
After the sting operation was played out, ICICI Bank said it had constituted a high-level inquiry, and that its report would be submitted in two weeks.
Impact Shorts
More Shorts“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.
PTI
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