HDFC Bank suspends 20 employees in money laundering probe
New Delhi: HDFC Bank has suspended 20 employees in a probe into possible money laundering, a source at the bank told AFP on Sunday.
The leading private sector bank acted after online news outlet CobraPost ran a sting last week, with one of its reporters posing as a customer and seeking advice on investing up to $2.8 million with three top private banks, HDFC, ICICI and Axis. The news outlet said the reporter used a hidden camera to record dozens of conversations with bank employees, which it then posted on its website.
"We suspended 20 employees who were shown in the CobraPost video, it was one of the first steps we took when the video came to light," said the source at HDFC Bank. The employees worked at various bank branches across north, west and east India, the source added.
In a statement Saturday, HDFC said it has appointed accounting and audit firm Deloitte Touche Tohmatsu India to conduct an inquiry into allegations that some bank officials were ready to assist money laundering.
RBI Chief Raghuram Rajan stated that more economic data is needed to be confident that economic growth is picking up, although he added that the benefits to exports from the Rupee's fall is yet to kick in.
Date 11-12-13, Duration 2:19, Views 47