Also read: Cobrapost 2: FinMin calls for action, banks to investigate
In a sting operation in March, Cobrapost revealed how private banks like HDFC Bank , ICICI Bank and Axis Bank aided customers to launder unaccounted funds.
Aniruddha Bahal, editor, Cobrapost , in an interview to CNBC-TV18, calls for the deployment of the enforcement directorate (ED) to investigate the allegations of money-laundering. He adds that custodial interrogation of those suspected to be involved as part of a criminal investigation alone would bring the truth to light.
Below is the edited transcript of the interview on CNBC-TV18
Q: The Reserve Bank of India governor said show cause notices would be issued to the errant banks. The banks retort that internal audits by external auditors like KPMG have shown categorically that there is no evidence of money laundering except for some cases of KYC- norm violations. Are you suggesting that three banks in question are lying?
A: Of course, they are lying and they are lying through their teeth. They are misleading the public. It is widespread across several branches with bank officials confirming that it money was laundered in the past with specific mention of each instance. The government, instead of directing the enforcement directorate (ED) which specialises in investigating such cases, is issuing orders to some dubious Indian bank association.
Q: Is the Reserve Bank of India (RBI) unequipped to deal with this?
A: I categorically state that the RBI is not equipped to deal with criminal investigation concerned with money-laundering. The central bank might have some personnel who are good at auditing, but this investigation calls for professional forensic analysis, custodial interrogation of these people and access deleted mails from hard disks. I don't think the RBI is equipped for this.
Q: Is the RBI at the centre of a conspiracy?
A: Yes. I wish to remind the authorities they should build accountability in the system by putting certain practices in place and punish those responsible for the violation of KYC norms. The RBI is hedging its bets by pleading to the lesser crime of KYC violation instead of admitting to money laundering.
Q: Has the RBI at any point followed through with the action against these particular banks that you have mentioned?
A: I requested the RBI in the press conference to make their audit report public. Apart from hearsay and speculation, little is known about what the RBI discovered in its audit of 34 banks.
Q: Why did you not release all the information of money-laundering against these three private sector banks to light on March 14?
A: It takes time to transcribe tapes and we lack adequate resources.
Q: Was the sting related to the opening up of the banking sector with private companies making a beeline for banking licences?
A: We were egged on by several agitations over black money across India. With the limelight on money stored away in Swiss Banks, there was little people knew about illicit funds being stashed away and laundered within the country. So this is a sort of warning to the government that the antecedents of those applying for these banking licences need to be vetted.
Q: Should the entire process of issuing new bank licences be put on hold till there is conclusive proof that none of these banks or insurance companies were involved in money-laundering ?
A: There has to be transparency in the way the licences are issued. Previous conduct and record could be an important criteria for the grant of these licences.
Q: Why do you believe that this is a crisis of leadership and not a case of procedural violations?
A: The crisis of leadership is apparent. Violations at one or two branches escaping the attention of the top management is understandable. But when it occurs across 20-25 branches, the management cannot plead ignorance. There are officers who have sent mails seeking approval from senior management when cash is involved and the senior management sends a reply. So, I want to know who has custody of those mails and this which can happen only in a custodial interrogation of those involved.
Q: Is there a third part of Operation Red Spider?
A: Yes, there is. It will be released soon
Q: When will you make it public?
A: It will be released on May 9 which is three days, from now.
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