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On 14 March 2013 the online magazine Cobrapost released video footage from Operation Red Spider showing high-ranking officials and some employees of ICICI Bank agreeing to convert black money into white, an act in violation of Money Laundering Control Act . The Government of India and Reserve Bank of India ordered an inquiry following the exposé . On 15 March 2013, ICICI Bank suspended 18 employees, pending inquiry. [94] [95] [96] On 11 April 2013 Deputy Governor of RBI , H R Khan reportedly told that the central bank is initiating action against ICICI Bank in connexion with allegations of money laundering. [97] [98]

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