NEW DELHI - India's income tax department has decided to make charges of money laundering against individuals of the Hong Kong Shanghai Banking Corporation (HSBC) accused of stashing illegal funds, reported the Press Trust of India on Monday.

The department has found that the illegal funds were laundered in many cases which can be categorized as "criminal proceeds of crime", according to the report.

However, the Indian authorities are "particularly wary about" the recent disclosure by a US Senate panel that had accused HSBC of exposing the US and Indian financial systems to various terror financing, money laundering and drug trafficking activities due to its poor risk control systems.  

In 80 cases against the bank, the department has detected undisclosed income of 4.38 billion rupees ($79 million) and taxes of 1.35 billion rupees ($24 million).