Referring to the recent undercover operation by the website showing executives of three major private banks—ICICI, HDFC, and Axis— willing to wash black money into the banking system, Chakrabarty had on March 21 said: "There is no scam (that) has happened...Let us not unnecessarily downgrade ourselves. Our system to prevent money laundering is perfect."
For the RBI to say that there is no offence as there was no transaction is a "very novice reading of the law and a wilful ignorance of rules and regulations," the website said.
"The manner in which the RBI deputy governor has rushed to issue the statement, even before the central bank could complete the inquest it has initiated into money laundering practices by the three banks, even before these banks could complete their own investigations into the alleged misdemeanour of their officials, and even before the income tax department could come up with its own finding, is tantamount to be self-serving and is a brazen attempt on the part of the deputy governor to not only give these banks a clean chit but also mask the miserable failure of the banking regulatory mechanism of the RBI," the website said.Being a signatory of FATF ( Financial Action Task Force on Money Laundering), India has treaty obligations to "block precisely the kind of money laundering that the Cobrapost expose shows has been happening rampantly in the country's leading three private banks," the statement said.
"Operation Red Spider by Cobrapost clearly shows that RBI and the Financial Intelligence Unit of the Finance Ministry have failed in their jobs and instead of heads rolling there the RBI is intent on diluting the nature of what has been found and saving its own skin," the website said.
In its expose, executives of the three private banks offered alleged assistance in investing black money in the banking channel through various means. Some of them offered to accept huge amounts of cash and invest it in insurance products and gold, open an account to route the cash into various investment schemes of the bank, and do it all without even PAN card or adhering to the KYC norms of the banks.
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