ICICI Bk drops 2.6% as money laundering allegations weigh

Shares in India's largest private sector Bank, ICICI Bank fell today by more than 2.6 per cent, as investors fretted over allegations of money laundering against the company. It maybe recalled the Cobrapost had conducted a sting operation in which it alleged that select employees of private sector banks like ICICI Bank, HDFC Bank and Axis Bank were engaged in money laundering.

On Saturday, ICICI Bank suspended 18 concerned officials till investigations are completed. Earlier this week, the portal Cobrapost had played the contents of a purported video recording of officials of private banks including Axis Bank, allegedly agreeing to receive unverified sums of cash and put them in their investment schemes and benami accounts in violation of anti-money laundering laws

Shares in Axis Bank and HDFC Bank were also trading lower following the allegations.

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