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Corporate Nov 10, 2012

Will probe if HSBC indulged in money laundering for terror funding, govt says

New Delhi: The government is likely to conduct a through inquiry into allegations that multinational HSBC Bank was involved in money laundering which may help terror groups operating in India.

The probe is likely to be conducted by sleuths of various intelligence wings of Home and Finance Ministries as the
allegations, if proved true, would have serious security implications, highly placed sources said.

The bank will face a probe by government agencies. Reuters

However, the sources said, it has nothing to do with activist Arvind Kejriwal's allegations of money laundering against HSBC Bank. The multinational bank had, however, yesterday denied the charges and said it takes compliance with the law very seriously.

The probe agencies will look into reports that funds were being routed from Pakistan and a few Gulf countries to terror groups operating in India using banking networks.

Meanwhile, Home Minister Sushilkumar Shinde today said government has information that the terror groups operating in India and outside India were investing money in stock markets through various methods.

"We have information that they have been putting in money in stock exchanges and stock markets. We have received
information in international fora. We are keeping a track of them. They are investing in stock exchanges in India and some neighbouring countries," he told a press conference.

PTI


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