The number of Indian financial institutions implicated by a local news website for their alleged roles in money laundering has grown from three to 23, barely weeks after the issue first came to light.

Having created a media frenzy with its first exposé, the website, Cobrapost, has made public the findings of a second sting operation which claims to have similar evidence against a raft of financial firms, insurers and public sector banks, reports FT.com.

The website’s editor alleged that bankers and insurers willingly offered ways and services to convert illegal money to legal money, and in some cases arranged for forged documents to help their “client” launder large quantities of unaccounted cash.

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