"Mule accounts are a major reason behind smooth transfer of money in a financial fraud...I can say that around 99 per cent of the frauds won't happen if mule accounts do not exist. It's very surprising to see how easily such mule accounts are opened and are used comfortably by cybercriminals across the country," said the official.
Mule account holders are termed money mules who often are innocent victims duped by fraudsters into laundering stolen or illegal money through their bank accounts. Money mules are recruited, sometimes unwittingly, by criminals to transfer illegally obtained money between different bank accounts. When such incidents are reported, the money mule becomes the target of police investigations due to their involvement.
The official also said that apart from Jamtara and Mahabaleshwar, some hot spots in the Southern India of the country have been identified.
This story is from the August 08, 2024 edition of Business Standard.
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This story is from the August 08, 2024 edition of Business Standard.
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