Here is how local Indian Banks help their rich customers launder Billions of Dollars. Black to White in a Day!
Media website Cobrapost Monday presented evidence that the money laundering racket in this country was happening on a massive scale with at least 23 financial services companies, including state-owned banks, LIC and private insurers, being party to it.
An extract from the Cobrapost release on how banks and insurers are helping their Indian customers launder money:
- Accept huge amounts of unaccounted cash to invest it in insurance products, and sometimes in gold as well.
- Open an account to route the cash into various investment schemes of the bank or insurance arms.
- Do it even without the mandatory PAN card or adhering to KYC norms.
- Arrange forged PAN cards to facilitate investment of huge unaccounted cash.
- Split the money into tranches, below the reporting threshold, to get it into the banking system without being detected.
- Use accounts of other customers to channelize the black money into the system for a fee.
- Get demand drafts made for the client either from their own banks or from other banks to facilitate investment without it showing up in the client’s account.
Keep on reading this at National Forex.
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