The central bank investigated the said banks for illegal transactions as reported by the RBI. A follow up investigation was conducted by an independent news website, Corbrapost. The said independent investigator alleged widespread money laundering committed by the three banks in the different branches of these banks.

Initial evidence pointing out to money laundering as stated by the Reserve Bank of India were found in the transactions conducted by the three banks, Axis, HDFC and ICICI.

Axis Bank was given a penalty of 50 million rupees while HDFC Bank was fined 45 million rupees. India's second biggest lender, ICICI Bank was given a total fine of 10 million rupees.