Business Standard

Operation Red Spider 2: Modus operandi, allegations and targets

A look at how Cobrapost went about Operation Red Spider 2

Related News

Online media firm today made allegations against a wider set of banks and financial institutions and lashed out against the government and regulatory agencies’ attempt to play down its similar expose’ in March.

How the Cobra Bit

  • Associate Editor Syed Masrur Hasan took an alias as Rajesh Sharma.
  • Sharma aka Hasan told unsuspecting private banking officials that he was fronting a minister.
  • He told them the minister’s imaginary wives Nita and Vandana wanted to deposit black money.
  • Several officials of all three banks in some 40 centres across the country readily bought the story.
  • They readily offered solutions from opening of multiple bank accounts, investment plans, overseas remittance.
  • They promised to create ‘channels’ through which eventually, Sharma will get his money back in white.
  • They also offered huge lockers, where Sharmaji can stash up to a few crores in cash.

What Cobra claims
  • Money laundering sold as a product
  • Bulk of money in these banks is black money
  • It has hundreds of hours of evidence
  • Severe connivance of top management
  • Clear violation of IPC and PMLA
  • RBI, finmin trying to give clean chit
  • Law of land subverted on parliament street itself
Whom did Cobra bite?
PSU Banks named:
  1. SBI
  2. Bank of Baroda
  3. Punjab National Bank
  4. Canara Bank
  5. Indian Bank
  6. IOB
  7. Central bank of India
  8. IDBI Bank
  9. Oriental Bank of Commerce
  10. Allahabad Bank
  11. Corporation bank
  12. Dena bank
Private Sector banks:
  1. Yes Bank
  2. Dhanlaxmi Bank
  3. Federal bank
  4. DCB Bank
  5. ICICI Bank*
  6. *
  7. Axis Bank*

Insurance Companies:
  1. LIC
  2. Reliance Life
  3. Birla Sunlife
  4. Tata AIG
*- named in earlier expose also

Read more on:   

Read More

South Indian Bank Q4 net up 26% at Rs 154 cr

South Indian Bank has posted 26.13% increase in net profit during the quarter ended March at Rs 153.83 crore as against Rs 121.95 crore in the same ...

Quick Links

More news from Finance Rss icon

Why India needs more bank marriages

With new banks likely to be cleared by RBI soon, consolidation is expected to pick up to gain market share

Kotak buys ING Vysya in all-share deal

Swap ratio fixed at 725:1,000; promoter stake in Kotak Bank to come down to 34%

SBI Chief says Adani's Carmichael project viable

Bank's board to take final decision on $1-billion loan

Back to Top