IAC: HSBC's hawala increasing graft, terror, crime

November 09, 2012 14:16

Point to note is that the Swiss unit of HSBC Plc has apologised to Mukesh Ambani for embroiling him in an investigation by India's income-tax authorities after the Reliance chairman's name cropped up in a list of people with beneficiary accounts in Switzerland. In a letter to Ambani, the bank clarified that neither he, nor Reliance Industries, was the owner of any beneficiary account with the bank's private banking division. More

Kejriwal also wants HSBC officials nabbed under the Money Laundering Act. He says the bank's hawala practices were promoting graft, terror and crime.

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