Brokers Fuel Underground Market for Bank Accounts in India

An undercover investigation of India’s financial ecosystem has revealed that a troubling black market is quietly emerging – a market where bank accounts are traded just as casually as consumer goods. Undercover investigations have revealed that there is a thriving network of brokers who sell unlicensed accounts for as little as ₹7,000, exposing unsuspecting citizens to grave risks. 

The accounts are often created without the knowledge of the individual by using their personal credentials. These accounts are then resold to cybercriminals and used to perpetrate online scams, launder money, and circumvent financial regulations, thereby undermining the integrity of the country’s banking system. When these tools are in the hands of fraudsters, they become powerful instruments to perpetrate online scams, launder illicit money, and circumvent financial regulations. 

It is well known that the purchase, sale, or rental of bank accounts constitutes a serious criminal offence and that authorities have repeatedly warned about this fact. If an account is found to be operated by someone other than its legitimate holder, or if a transaction is associated with illegal activity, a financial institution has stated that immediate action will be taken, including suspending or terminating the account without advance notice, as well as escalating the matter to the appropriate authorities. 

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