Today, there was quite a ruckus in the morning when the news came out that an entity called Cobrapost had done a sting operation on ICICI, HDFC Bank and Axis Bank. The focus of this operation was the alleged involvement of these leading private sector banks in money laundering in India. The sting videos indicated that employees of these banks are more than willing to help people convert their black money into white money.
If these videos are true, it is damning indeed!
This is HDFC Bank for you.
To quote Cobrapost’s sting transcript,
In fact, saara jo kala paisa hota hai na sub insurance mein hi jaata hai (Yes, yes. Don’t worry, Sir. All people do like this only. In fact, all black money goes into insurance),
There are many more sting videos done by Cobrapost. Across cities like Kolkata, Delhi, Mumbai, Hyderabad. You can see the videos at the link given at the end of the article.
The best part about this was that each bank has come out with statements saying that they have the best systems and processes, strong Know your Customer (KYC) norms, blah blah.
If these videos are true it substantiates the fact that there is a set of rules for us and “them”.
If you’ve got big amounts of black money, you get first-class treatment. Bank officers will come to your home. They can open a locker for you. Cash counting machines. I don’t need to say more.
Recommended Reading
Cobrapost Website which has many more videos that cover HDFC Bank, Axis Bank and ICICI
Aniruddha Bahal of Cobrapost speaks about the sting operation at Firstpost
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