The new videos came over a fortnight after the website's "Operation Red Spider," showed private bank executives advising and offering assistance to an alleged front man of a corrupt politician to wash black money into banking products. The story triggered action by the three banks and RBI, however all of them have dismissed the claims as aberrations. The RBI has claimed that the overall banking systems and regulations were robust and there was no widespread misuse of them.
The Cobrapost said on Friday, "Shockingly, there has been a concerted effort not only on the part of these banking majors involved but also on the part of the RBI and the finance ministry to debunk these alarming revelations as aberrations, or even worse, as nothing to get perturbed about."
The website on Friday released dozens of new tapes, relating to the same three banks, to argue that the illegal activities by their executives were no exception. "These fresh cases also punch gaping holes into the claims of these quarters that Indian banking system is robust," the website said.
The website investigation has showed that the banks were willing to accept huge unaccounted cash without asking for the source of money, and was willing to open accounts without the mandatory PAN card, thus violating the KYC norms. The executives offered not to report the transaction to any monitoring authority, and to convert the illegal money into insurance products, demand drafts etc. They also offered lockers to safe keep the money.
The website said, "The country should not have to rely on internal enquiries by these banks who were themselves the culprits and beneficiaries of their money laundering practices."
The website's editor Aniruddha Bahal said that none of the investigation agencies, RBI or the private banks have yet collected their tapes to examine the case in detail. He said the entire effort seemed more a cover up than an investigation meant to improve the system.
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