Major Banks Implicated in $92 Million Money Laundering Scheme

Three of the largest banks in the United States—JPMorgan Chase, Bank of America, and Wells Fargo—have been implicated in an alleged $92 million money laundering scheme.

Drug Money Deposits

According to court documents, alleged drug runners and money launderers deposited hundreds of thousands of dollars in illicit funds into accounts at these banks. The US Justice Department has accused 37-year-old Enhua Fang of leading a drug money laundering cell that deposited $17 million in cash at banks across the country.

Fang’s couriers allegedly made over 100 cash deposits worth $17 million at banks from California to Virginia. Her alleged co-conspirators also deposited large sums of money into accounts at JPMorgan Chase, Bank of America, and Wells Fargo.

Arrests and Investigations

Fang was arrested in Oregon in April. She is accused of being the main contact for Mexican drug trafficking groups and depositing illicit funds into bank accounts in 20 states.

Wells Fargo and Bank of America have declined to comment on the allegations. JPMorgan Chase has not responded to requests for a statement.

The investigation into the money laundering scheme is ongoing.