Here is how local Indian Banks help their rich customers launder Billions of Dollars. Black to White in a Day!

(Before It's News)

Media website Cobrapost Monday presented evidence that the money laundering racket in this country was happening on a massive scale with at least 23 financial services companies, including state-owned banks, LIC and private insurers, being party to it.

An extract from the Cobrapost release on how banks and insurers are helping their Indian customers launder money:

• Accept huge amounts of unaccounted cash to invest it in insurance products, and sometimes in gold as well.
• Open an account to route the cash into various investment schemes of the bank or insurance arms.
• Do it even without the mandatory PAN card or adhering to KYC norms.
• Arrange forged PAN cards to facilitate investment of huge unaccounted cash.
• Split the money into tranches, below the reporting threshold, to get it into the banking system without being detected. 
• Use accounts of other customers to channelize the black money into the system for a fee.
• Get demand drafts made for the client either from their own banks or from other banks to facilitate investment without it showing up in the client’s account.

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