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Pvt Bank Likely to Inquire Over Laundering

Top private sector investors ICICI Bank, HDFC Bank and Axis Bank announced they were facing investigation accusations of general money laundering activities at their branches. The stocks of the banks fell shortly on Thursday after the independent investigatory journalist, Aniruddha Bahal, made the complaints in a news meeting televised by a local TV station in the morning.

Bahal, mentor and editor-in-chief of Indian news and opinion website, said he had gathered hundreds of hours of video recordings from "dozens and dozens" of bank branches crosswise the country. He did not tell when the recordings were roll up. An article on the website posted on Thursday said an associate editor, using an alias and pretending to work for a fancied politician who craved to launder money, wanted advice from bank authorizations on how to do it.

The article clears branches across all the three banks recommended laundering methods that were "creative in their range and audacious in their approach."

In one case, Bahal said, a video excerption on his website amusement an HDFC Bank official explaining to an hush-hush reporter for various methods to launder money. It said contented to hand over the videos to law enforcement officials or controllers. The article did not state if the recordings were yet passed on to the authorities. Market controller Securities and Exchange Board of India had no statement on the matter, according to an interpreter.

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