This Is Not The First Time Banks Have Been Caught Red Handed!

The banks had supposedly offered to accept black money and turn into white money by investing into insurance products and other banking services. The fight backs and strong denial of the banks made the issue spicier than it could ever get.

These anecdotes present that the unlawful use of branches to mis-sell financial products for many years have been deeply rooted. The sting just unveiled the muck that lies profoundly within the ancestry of the banking sector and went far beyond in a systemic way across the industry.

UK Story

The British Government launched the Parliamentary Commission on Banking Standards named “Changing Banking for Good”.  The action was followed by the LIBOR scandal expose in UK.

The Libor scandal was a series of fraudulent actions connected to the Libor (London Interbank Offered Rate) and also the resulting investigation and reaction. The scandal arose when it was discovered that banks were falsely inflating or deflating their rates so as to profit from trades. Libor underpins approximately $350 trillion in derivatives.

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