"Demonetisation was used as an opportunity by this bank to make a quick buck through offer of money laundering services," the report said, adding the Chairman and his aides "opened benami and fraudulent accounts to launder cash for beneficiaries". "More than 1,200 new accounts were opened post demonetisation in the name of third persons or name lenders on the basis of fake IDs and or weak KYC documents. "These findings on the modus operandi deployed by these banks to illegally benefit from demonetisation underlines the absence of necessary regulatory framework and this needs to be corrected immediately. A similar modus operandi was found in more or less each case. "The I-T department has done the needful by informing the agencies concerned and the government," a source said.

Source: Times of India January 09, 2017 16:33 UTC