Alleged $92 Million Money Laundering Scheme Linked to Major US Banks
The recent discovery of an alleged $92 million money laundering scheme has sent shockwaves through the financial industry, with three of the largest banks in the US implicated in the scandal. According to a new report, a group of alleged drug runners and money launderers managed to funnel illicit funds through accounts at JPMorgan Chase, Bank of America, and Wells Fargo.
The mastermind behind the operation, 37-year-old Enhua Fang, is accused of leading a $92 million drug money laundering cell that deposited a total of $17 million in cash at various banks across the country. The US Justice Department alleges that Fang’s couriers made over 100 cash deposits totaling $17 million, while her co-conspirators deposited hundreds of thousands of dollars into accounts at the three major banks.
Fang was apprehended in Oregon in April, where authorities believe she was the main contact for Mexican drug trafficking groups. The Justice Department claims that she deposited illicit funds into bank accounts in 20 states, including California, Florida, Texas, and Virginia.
While Wells Fargo and Bank of America have chosen not to comment on the allegations, JPMorgan Chase has yet to respond to requests for a statement. The implications of this massive money laundering scheme are still unfolding, but one thing is clear – the financial industry is facing a major crisis that could have far-reaching consequences.
