HomePersonal FinanceRed Spider 2 – Sting operation against money laundering by Cobra post

Red Spider 2 – Sting operation against money laundering by Cobra post

red spider

Online media firm Cobrapost.com today made money laundering allegations against a wider set of banks and financial institutions.  Sting operation of cobra post “Red Spider 2” claims that 23 Bank including SBI & insurance companies LIC are involved in converting black money to white money.

Refer to following video posted by Cobra post on youtube. This video clearly reveal that many bank like SBI,BOB,PNB and Insurance company like LIC is involved in money laundering. Even one LIC Agent is shown as taking 25 lakh cash.

Cobra Post Sting Operation Details:-

  • Cobrapost Associate Editor Syed Masrur Hasan took an alias as Rajesh Sharma.
  • Sharma aka Hasan told unsuspecting private banking officials that he was fronting a minister.
  • He told them the minister’s imaginary wives Nita and Vandana wanted to deposit black money.
  • Several officials of all three banks in some 40 centres across the country readily bought the story.
  • They readily offered solutions from opening of multiple bank accounts, investment plans, overseas remittance.
  • They promised to create ‘channels’ through which eventually, Sharma will get his money back in white.
  • They also offered huge lockers, where Sharmaji can stash up to a few crores in cash.

Cobra claims:-

  • Money laundering sold as a product
  • Bulk of insurance money in these banks is black money
  • It has hundreds of hours of evidence
  • Clear violation of IPC and PMLA
  • RBI, finance ministry trying to give clean chit 

Which Bank and Insurance Company is involved?

PSU Banks:

  1. SBI
  2. Bank of Baroda
  3. Punjab National Bank
  4. Canara Bank
  5. Indian Bank
  6. IOB
  7. Central bank of India
  8. IDBI Bank
  9. Oriental Bank of Commerce
  10. Allahabad Bank
  11. Corporation bank
  12. Dena bank

Private Sector banks:

  1. Yes Bank
  2. Dhanlaxmi Bank
  3. Federal bank
  4. DCB Bank
  5. ICICI Bank*
  6. HDFC Bank *
  7. Axis Bank*

Insurance Companies: 

  1. LIC
  2. Reliance Life
  3. Birla Sunlife
  4. Tata AIG

Prior to this in month of March, 2013 cobra post has shown that how ICICI, HDFC and Axis bank is involved in money laundering. After doing investigation finance ministry and RBI has given clean chit to these banks saying KYC rule is not violated. Question arise here is although KYC rule is not violated but bank official has shown interest in converting black money to white.

RBI is in process of issuing new bank license shortly but seems not thinking seriously that how this money laundering can be prevented.

Shitanshu Kapadia
Shitanshu Kapadiahttp://moneyexcel.com/
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion. We do not offer any stock tips, investment, insurance or finance product related advice. Please consult a qualified financial planner and do your own due diligence before making any investment decision.
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