Insurance Regulator Calls for Data from Three Insurers

Monday, March 25, 2013
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Chennai: The Insurance Regulatory and Development Authority (IRDA) called for information from three private life insurers in connection with the sting operation carried out by a news website alleging money laundering by three private banks.

In a statement, IRDA, citing the sting operation by Cobrapost, said it had taken up the matter with heads of private insurers HDFC Standard Life Insurance Company Ltd, ICICI Prudential Life Insurance Company and Max Life Insurance Company.

"In this regard, the authority has also called for relevant data for initiating appropriate action," IRDA said.

HDFC Bank, ICICI Bank and Axis Bank have been accused of running a nationwide money laundering racket by the website and production house based on a sting operation that they said spanned some five months.

Stating that it was a pan-India undercover investigation, Cobrapost March 14 claimed to have caught on tape several officials of these banks indulging in "brazen criminal activity" by channelising vast amounts of ill-gotten money into the regular banking system as laundered white money through bank deposits, insurance policy sold by them.

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Source: IANS
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