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Standard Chartered, HSBC to be Investigated Over Ties with Gupta Family
October 24, 2017
UK watchdogs are to initiate a probe against Standard Chartered and HSBC Holdings in a possible money-laundering case involving links to the politically-backed Gupta family.
The decision for an investigation came about when a member of the unelected House of Lords, Peter Hain, wrote a letter raising concerns over the banks’ possible ties with the Gupta family and indulgence in money-laundering. He alleged that the funds could have been transferred through Hong Kong and UAE, where both banks have many connections.
HSBC and Standard Chartered are currently probed by the Financial Conduct Authority.