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Business & Finance

FinCEN Files: Dozens of Indian banks involved in massive money laundering

  • Coming back to India, banks i.e. Punjab National Bank, Kotak Mahindra Bank, HDFC Bank, Kanara Bank, Indusland Bank were also included in the list of money launderers.
26 Sep 2020

As the global financial world grapples with the FinCEN Files leaks, a number of question marks have been raised over the irregularities and lapses in the modern banking system.

As per the leaks, some 44 Indian banks have found to be involved in money laundering, raising questions as to whether the money was used to finance terrorists.

BuzzFeed the International Consortium of Investigative Journalists (ICIJ) and other media organizations, citing confidential documents submitted by banks to the United States government revealed that major banks have defied money laundering crackdowns and have laundered more than $2 trillion worth of transactions of criminals and criminal networks.

The records called the FinCEN Files show that five global banks i.e. JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon remained involved in the practice even after U.S. authorities fined them for earlier failures to stop the flow of dirty money.

Coming back to India, banks i.e. Punjab National Bank, Kotak Mahindra Bank, HDFC Bank, Kanara Bank, Indusland Bank were also included in the list of money launderers.

As per the report, Indian banks made 3201 illegal transactions, while $1.53 billion was laundered. The transactions raised question marks over where did the money go, and who used it.

It was also revealed that smugglers of Indian antiquities are also involved in money laundering. Gold and diamonds have also been used for money laundering. Whereas, Money laundering was done in the Indian Premier League (IPL).