An undercover investigation has revealed a thriving illegal market where bank accounts are being openly sold by brokers for as little as ₹7,000. These accounts, often opened using unsuspecting individuals’ credentials, are later resold to cybercriminals who exploit them for scams, laundering money, and bypassing financial regulations.
According to the report, the network of brokers, managers, and agents operates across multiple states. They lure job seekers and poor villagers with offers of quick money in exchange for providing their documents. Once opened, the accounts are transferred to buyers through WhatsApp or Telegram networks, with complete digital monitoring.
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Price Depends on Transaction Limits
The black market has established a rate card depending on the transaction limit of each account. A ₹1 lakh limit account is priced at ₹18,000, while accounts with ₹25 lakh limits go for ₹60,000. At the top end, a ₹1 crore limit account is sold for ₹6 lakh, while accounts with ₹5 crore limits can cost up to ₹30 lakh.
The demand for high-limit accounts is particularly strong among fraudsters running investment scams, call-center frauds, and crypto-related money laundering schemes. These accounts allow massive fund transfers while avoiding immediate banking scrutiny.
Lax Verification at BC Points Exposed
Experts warn that the ease of account opening through Business Correspondent (BC) points has created loopholes. Dr. R.S. Lohia, former Executive Director of a nationalised bank, highlighted that accounts are being opened without proper physical verification. This makes it easier for criminals to buy and repurpose them for fraud.
The investigation shows a systemic failure in enforcing Know Your Customer (KYC) norms and highlights the urgent need for stronger banking surveillance. Regulators are now being urged to tighten compliance checks and crack down on the brokers fueling this underground economy.
