A Cobrapost pan-India undercover investigation has accused HDFC Bank  , ICICI Bank   and Axis Bank   of running a vast, nation-wide money laundering racket. 

Cobrapost, an online magazene, conducted a sting operation across various branches of private financial institutions recently. The magazene claimed that bank employees are readily accepting black money from customers to convert them into white money as a standard practice.

In a release sent to the media,  Cobrapost alleged that these money laundering practices are part of a standard set of procedures within these banks. 

"* These money laundering services are being openly offered to even walk-in customers who wish to launder their illicit money;

* A variety of options for laundering ill-gotten cash are being offered brazenly;

* These money laundering services are being offered practically as a standard product across the country."

The release said the huge money-laundering racket, being run by these banks, has been captured on video-tape, running into hundreds of hours.

The magazene claimed that the sting shows money laundering services were openly offered even to walk in customers who wish to launder their money and a variety of options are being offered.