How Indian Banks are converting Black Money to White? A Cobrapost Sting Operation
Cobrapost Sting Operation
On March, 2013 the online magazine Cobrapost conducted a sting operation on few major private Indian banks like HDFC, Axis Bank and ICICI which exposed how some senior managers are assisting in conversion of black money to white. The undercover reporters walked in these banks to inquire about the process and everywhere they were assured complete support without even charging extra money for it. These banks have mechanisms to invest this illegal money in insurance products and stocks. Now, when people put money in insurance policies, they are unknowingly helping these launderers. It is not yet known since when this money laundering has been going on, but one can be sure that a lot of black money is in circulation in the Indian economy. The sting operation also revealed that the banks could help create a fake identity for the people showing them as agriculturalist or businessmen so as to make the investment unquestionable.
Politicians, bureaucrats, civil service officers and now bankers. No profession in this country seems to be spared of corruption. The point to understand is that the money involved is obtained illegally. It could have been acquired by kidnapping, extortion or even terrorism. The question to ask now is “Will the politicians of this country do anything to solve this problem?” There is no doubt that many influential politicians are looters of the nation’s wealth. The black money in question is in fact the money of the politicians, criminals and terrorists. So will they risk putting themselves behind the bars and fight the crime?
Arvind Kejriwal slammed the Manmohan Singh Government for this and demanded the resignation of the Prime Minister and the Finance Minister. He pointed out that if Cobrapost can expose this illicit trade then what were the CBI and other investigating agencies doing. We can conclude that all the political parties are involved in this looting process. What should be done immediately is cancel the license of these banks and seize all the black money. But given that these banks have the backing of powerful leaders and politicians will this really happen?