India investigates bank money-laundering exposé

May 07, 2013, 2:39 PM EDT
Indian pedestrians walk past the State Bank of India's Mumbai head office on March 12, 2013.
AFP/Getty Images/PUNIT PARANJPE

At least 15 employees of several Indian banks and the Life Insurance Corporation have been suspended following allegations of widespread money laundering at 23 banks and insurance companies. The allegations were made in an exposé by investigative web site Cobrapost.com earlier this week. The finance ministry has told the heads of public-sector banks named in the exposé, which includes State Bank of India, to investigate the allegations immediately.

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