using goons to recover the credit card payments and that these "recovery agents" exhibited inappropriately and in some cases, inhuman behaviour. Incidents were reported wherein the defaulters were put to "public shame" by the recovery agents. The bank also faced allegations of inappropriate behaviour in recovering its loans. These allegations started initially when the "recovery agents" and bank employees started threatening the defaulters. In some cases, notes were written by the bank's employees asking the defaulters to "sell everything in the house including family members", were found. Such charges faced by the bank rose to a peak when suicide cases were reported wherein the suicide notes spoke of the bank's recovery methods as the cause of the suicide. This led to legal battles and the bank paying huge compensation. Money laundering allegations ICICI Bank was one of the leading Indian banks accused of blatant money laundering through violation of RBI guidelines in the famous CobraPost sting operation which shook up Indian banking industry during April–May 2013. 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 Prevention of Money Laundering Act, 2002. 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. On 11 April 2013 the Deputy Governor of RBI, H R Khan reportedly said that the central bank was initiating action against ICICI Bank in connection with allegations of money laundering. Chanda Kochhar fraud case On 4 October 2018, the then MD & CEO Chanda Kochhar stepped down from her position following allegations of corruption. In January 2019, based on the report of an enquiry panel headed by Justice Srikrishna, the bank board officially terminated her from service. It also become one of the first in the country to ask for a claw back of bonuses and benefits. In 2020 the Enforcement Directorate provisionally seized assets and shares belonging to Chanda Kochhar with an estimated value of more than , in relation to the ICICI bank loan case. See also Banking in India List of banks in India Reserve Bank of India ICICI Lombard General Insurance ICICI Prudential Life Insurance ICICI Prudential Mutual Fund References External links Companies listed on the New York Stock Exchange Banks