Online magazine, Cobrapost claimed to have revealed a money laundering racket by top three Indian private sector banks ICICI Bank, Axis Bank and HDFC Bank.
"A pan-India undercover investigation spanning several months, unearths a vast, nation-wide money laundering racket being run by HDFC Bank, ICICI Bank and Axis Bank. The brazen criminal activity by these banks is channelizing vast amounts of black money into the regular banking system as laundered white money," the Cobrapost website has posted.
However, all the three banks have denied the allegations of money laundering. The banks have issued statements of being fully complaint with extant regulations in their systems and practices.
The banks have set a out a committee to investigate into the matter as they were concerned about the media reports.