ICICI Bank suspends 18 in money-laundering probe

MUMBAI Sat Mar 16, 2013 2:52pm IST

1 of 2. Customers use ATM machines at an ICICI Bank branch in Mumbai January 30, 2013.

Credit: Reuters/Vivek Prakash/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - ICICI Bank Ltd (ICBK.NS), 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 (HDBK.NS) and Axis Bank Ltd (AXBK.NS) 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.

The finance ministry and the Reserve Bank of India are also investigating allegations of money laundering at the top private sector lenders.

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

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Reuters Showcase

Record Profit

Record Profit

Apple iPhone sales trample expectations as profit sets global record  Full Article | Related Story 

Obama In India

Obama In India

In parting shot, Obama prods India on religious freedom.  Full Article 

Restructuring

Restructuring

Max India to be split into three separate companies.  Full Article 

India’s Male Tenor

India’s Male Tenor

India’s lone male tenor wants to ‘Indianise’ opera  Full Article 

Indian Equities

Indian Equities

Hornbill raising $250 mln to invest in equities - partner.  Full Article 

Ratings Downgrade

Ratings Downgrade

S&P downgrades Russia's sovereign credit rating to "junk".  Full Article 

Facebook Outage

Facebook Outage

Facebook takes blame for service outages, which hit wider Web.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage