ICICI Bank suspends 18 employees in money laundering probe

Last Updated: Sun, Mar 17, 2013 05:10 hrs

ICICI Bank Ltd, India's No. 2 lender, has suspended 18 employees as it investigates an alleged money laundering case, a bank spokeswoman said on Saturday.

The move comes after a report by an independent journalist who said on Thursday he had video footage of some branch employees of ICICI Bank, HDFC Bank Ltd and Axis Bank Ltd suggesting to an undercover reporter methods of laundering money.

India's finance ministry and central bank are also investigating charges of money laundering practices at the top private sector lenders.

HDFC Bank Ltd and Axis Bank Ltd said on Thursday they were investigating the allegations.

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