In a curious turn of events Minister for Primary education Sailajanath’s name appeared in the hawala transactions which were unearthed by investigative website ‘Cobrapost’.

The Cobrapost on Monday released fresh videos alleging large-scale money laundering transactions by financial, insurance giants like State Bank of India, LIC in the public sector and Yes Bank, Federal bank, Reliance Life Insurance, Tata AIG and Birla Sunlife in private sector.

Cobrapost said its investigations were spread over six months and included Delhi, UP, Haryana, Rajasthan and Andhra Pradesh.

Links established to AP

Curiously, the minister for primary education, Cobrapost reported, was a standing guarantor for the safety of black money investment in a real estate project. Dr Harikrishna Prasad, an orthopedic surgeon from Tirupati reportedly wanted minister’s unaccounted money in crores for this real estate project. A hawala operator, claiming to be an ex-police officer from AP promised to transfer the money.

R Manohar, Assistant General Manager in Indian Bank, South Delhi reportedly helped the Cobrapost investigative journalist, Syed Masroor Hasan to track the big fish. The AP's former police officer agreed to help deliver Rs 25 crore to Dr Harikrishna Prasad in Tirupati.

Soon after the Cobrapost released its press release, Minister Sailajanath condemned the reports. He, however, admitted that Dr Harikrishna Prasad was his friend and he gave him guarantee that’s all. He did not do any wrongdoing, Sailajanath told reporters.

Meanwhile, executives of other public sector players including Bank of Baroda, Punjab National Bank, Canara Bank, Indian Bank, Dena Bank, Indian Overseas Bank, Oriental Bank of Commerce and IDBI Bank are also said to have flouted norms and accepted cash, according to videos aired by the Cobrapost. An LIC agent is shown as willing to accept Rs 25 lakh cash.

An earlier expose had put three private sector lenders -- ICICI Bank, HDFC Bank and Axis Bank-- in the dock as executives were seen promising facilities in violation of rules. The latest videos suggest that the alleged malpractices are not confined to the private sector.

-Sakshipost