Advertise | AdChoices

India's ICICI Bank suspends 18 in money-laundering probe

Advertise | AdChoices
updated 3/16/2013 5:20:46 AM ET 2013-03-16T09:20:46

MUMBAI (Reuters) - ICICI Bank Ltd , India's No. 2 lender, has suspended 18 employees pending an inquiry into suspected money laundering, the bank said in a statement on Saturday.

The move comes after a report by an independent journalist who said on Thursday he had video footage of some branch employees of ICICI Bank, HDFC Bank Ltd and Axis Bank Ltd suggesting to an undercover reporter methods of laundering money.

HDFC Bank said it would appoint audit firm Deloitte Touche Tohmatsu India Pvt Ltd to carry out an independent forensic inquiry.

The bank also appointed Amarchand & Mangaldas & Suresh A Shroff & Co to examine whether there had been any breaches of the bank's code of conduct.

Axis Bank said an internal inquiry was already under way.

India's finance ministry and central bank are also investigating allegations of money laundering at the top private sector lenders.

(Reporting by Swati Pandey and Kaustubh Kulkarni; Editing by Nick Macfie)

(c) Copyright Thomson Reuters 2013. Check for restrictions at: http://about.reuters.com/fulllegal.asp

Advertise | AdChoices
Advertise | AdChoices
Advertise | AdChoices

Discuss:

Discussion comments

“ ”

Expand Collapse
,
Reply
Advertise | AdChoices
Advertise | AdChoices
Advertise | AdChoices

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Mortgage rates View rates in your area
Mortgage type Today +/- Chart
30 yr fixed mtg 3.67%
15 yr fixed mtg 2.80%
30 yr fixed jumbo mtg 4.00%
Auto rates View rates in your area
Auto type Today +/- Chart
48 month new car loan 2.44%
36 month used car loan 2.87%
36 month new car loan 2.29%
Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.99%
$30K home equity loan FICO 6.17%
$75K home equity loan FICO 5.94%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 11.01%
11.01%
Cash Back Cards 16.34%
16.34%
Rewards Cards 15.80%
15.80%
Savings rates View rates in your area
Savings type Today +/- Chart
Money market account 0.45%
$10K Money market account 0.46%
6 month CD 0.40%
Advertise | AdChoices
Source: Bankrate.com
  1. Jump to text

    MUMBAI (Reuters) - ICICI Bank Ltd , Ind...

  2. Jump to discussion

    India's ICICI Bank suspends 18 in money-launderi...

  3. Jump to data

    See the latest rates around the country

  4. Jump to related

    World business