Axis Bank And Wells Fargo Are Not That Different
To put that latter sentence into perspective, it is impossible to do without the bank officials knowing about this scheme. Wells Fargo did the same with 2 million accounts, and rest assured their officials were well aware of what was happening. Axis Bank is no different in that regard, or at least, where their Noida branch is concerned.
It is not the first time Axis Bank is mentioned in the same breath as money laundering either. Several dozen fake bank accounts were identified at a different branch a few days ago. Those accounts also saw can influx of illegal money. With these new accounts being added to the mix, a very dark future looms overhead for the bank.
The only way to convert illegal banknotes to legitimate currency is by going through a bank. This also makes these institutions the biggest culprit in money laundering efforts. After all, they can skew the numbers, create fake accounts, and even forge documents to make everything seem legitimate. Criminals rely on banks to facilitate money laundering, and will not go through the trouble of buying and selling Bitcoin to do so.
All of this goes to show the banking system remains the main facilitator of illicit activity. Particularly in countries where banknotes are banned or replaced by others, they are the only ones holding all of the power. It is only normal some illegal funds will slip through. But there is a big difference with facilitating money laundering by creating fake accounts. Both Wells Fargo and Axis Bank have a lot of explaining to do.