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FutureBull
Senior Member
Joined: 06/Feb/2009
Location: India
Online Status: Offline
Posts: 1868
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   Posted: 17/Mar/2013 at 10:10pm |
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Ok! so these bankers got suspended for being loyal patriots? You guys sound something similar like - drug carriers are innocent since nobody asked them about it and they themselves are not consuming it. And to be on the same page these bankers were offering money laundering as a product. Here we have middle level(branch/territory mgrs) officers helping large cash conversion knowingly and willfully. Tomorrow, these middle level guys would move up the ladder to become sector leads etc. What kind of culture we are talking about? This is the extent of degradation in just 20 yrs of their existence.
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‘The market always does what it’s supposed to — BUT NEVER WHEN’.
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rajnsharma
Senior Member
Joined: 31/Jul/2009
Location: India
Online Status: Offline
Posts: 1202
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Posted: 17/Mar/2013 at 10:47pm |
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In a zeal to exceed your target if you exceed the limits , you will be in trouble sooner or later.
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Wall Street makes money by it's activity, while you can make money by your in-activity - Warren Buffett
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photon
Senior Member
Joined: 10/Jun/2010
Online Status: Offline
Posts: 275
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Posted: 17/Mar/2013 at 11:29am |
Originally posted by ashokpatil
yes gynasar you are right just because cash is paid you cant say it
is black money. bankers cannot know and its not thier business to investigate about money. its business of income
tax department to investigate weather money is black or white, and its duty of banker to provide information if asked by IT department.Also there is no illegality in having multiple bank accounts. so there is no illegality
by banks. |
Some of them were openly talking about creating fake identities and/or hide the real ones.
If nothing else atleast it may prompt RBI to make some banking practice more strict to catch these activities.
However i doubt if anything will change in the way "business" is conducted due to this incident.
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"Missing a train is only painful if you run after it" - NNT
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gyansr
Senior Member
Joined: 05/Sep/2007
Online Status: Offline
Posts: 255
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Posted: 18/Mar/2013 at 2:26pm |
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The undercover agent should have stayed the course and allowed them to create fake identities. That would certainly have been a real expose. Don't know why he stopped in between. As such he has managed to expose nothing as of now. At best bankers can be accused of blabbering to attract customers.
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rapidriser
Senior Member
Joined: 18/Nov/2007
Location: India
Online Status: Offline
Posts: 966
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Posted: 18/Mar/2013 at 4:30pm |
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As long as the co's promoters do not cheat the retail shareholders, I am ok with my investment. In India politicians and bureaucrats have created an environment where anyone attempting to comply with all laws is classified as an idiot. I am not at all surprised that the market has shrugged off the expose as if nothing happened.
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When all else is lost, the future still remains. - Christian Nestell Bovée
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itpro
Senior Member
Joined: 10/Mar/2011
Online Status: Offline
Posts: 149
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Posted: 19/Mar/2013 at 6:43pm |
Originally posted by gyansr
I have not seen any banker asking for the source of money while depositing money. As far as I know, he has no rights to ask. If he has no rights to ask, he cannot be held responsible for money deposited in any account. The banker will be found responsible only if he facilitates it by not asking for necessary documents as applicable , which no banker has promised in this case. Where is money laundering if someone is depositing money in a account in multiple tranches.
Multiple bank accounts and multiple IPO application for cornering economic benefits are vastly different as no economic benefit can be achieved by having multiple accounts. If that was the case, government would have made it a rule to have only one account per person which is not the case. One bank account per person is not the law, but one IPO application per person is. Question of motive or mode is immaterial here.
As far as I know, banker never checks (again he has no rights to question) what goes in a locker. I have been operating locker for a long time and its contents are known only to me. Banker cannot ask me to show what I have in my locker. He has no audit rights over the contents of a locker. Only a law enforcement agency may ask a banker to open a locker. Banker has no business knowing what is inside the locker.
The source of money is not bankers duty. It is the duty of other law enforcement agencies. A banker can not be held responsible even if a terrorist has kept his money there. His duty is only to cooperate with law enforcement agencies by providing details of an account when asked for.
Think about the implication of what you are saying here. If a criminal gets caught, we will immediately find the banks where he has account and put all the bank employees of those places behind the bar as they will be deemed to have helped the criminal. That way the largest number of prisoners in the world would be bankers.
Originally posted by FutureBull
well the individual steps might look like legal but join together and what you get, is money laundering. This is punishable offence in India and anywhere else. Banking industry is the first place to detect illegal money. This is their fiduciary responsibility. The biggest crime in one sentence is "you are personally liable if you help anyone in de-linking identity and source of money". I am very surprised you find no offence here.
> Folks have been punished for opening multiple accounts in an IPO scam. The key thing is the motive not the mode.
> Keeping cash in locker is illegal. If any banker allows it means he enjoys certain kind of immunity in the system. Banks do their own audit and not impossible to detect.
Can you tell me in this whole thing how would you know where the money is coming from drugs, child/women trafficking, prostitution, terror havens and of course black money of politicians? If you can not, these bankers should be tried for waging war against the country.
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Legally..as per the AML law, banker are bound to report suspicious activity in the account to the complaince agency. So banker finds something suspicious then he can ask for source of income. Its part of the complaince training and assessment which they have to go through
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Avadhoot
Groupie
Joined: 07/Feb/2012
Location: India
Online Status: Offline
Posts: 87
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Posted: 19/Mar/2013 at 10:01pm |
Originally posted by rapidriser
As long as the co's promoters do not cheat the retail shareholders, I am ok with my investment. In India politicians and bureaucrats have created an environment where anyone attempting to comply with all laws is classified as an idiot. I am not at all surprised that the market has shrugged off the expose as if nothing happened.
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retail investors may fall prey to mis-selling by private banks.If someone drops in a branch for making an FD especially a tax saver, employees try top press for products that can fetch them more performance bonus.
after the lock-in period investor barely gets an amount equal to what they invested.
uninitiated people easily fall prey to this practice.
In one way it may be called cheating.
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shivkumar
Senior Member
Joined: 02/Oct/2007
Location: India
Online Status: Offline
Posts: 2037
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Posted: 17/Apr/2013 at 11:59pm |
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HDFC Bank has asked its customers to do submit KYC documents all over
again. Wonder if this has something to do with the Cobrapost sting.
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