US Edition
Mule Accounts: CBI Continues Crackdown on Cybercrimes with Searches in Five States, Nine Held
INDIA, JUN 26 – CBI arrested nine suspects linked to over 850,000 mule accounts used for laundering fraud proceeds in a coordinated crackdown across five Indian states, officials said.
- As part of Operation Chakra-V, the Central Bureau of Investigation carried out simultaneous raids at numerous sites spanning five states—Delhi, Rajasthan, Haryana, Uttarakhand, and Uttar Pradesh—resulting in the arrest of nine individuals connected to the operation of mule bank accounts.
- The crackdown came after an initial investigation uncovered that approximately 850,000 mule accounts had been created in more than 700 bank branches nationwide, frequently bypassing required KYC procedures, customer due diligence, and risk assessment measures.
- Investigations found that certain bank officials, agents, middlemen, and intermediaries facilitated opening these accounts, enabling organised cyber fraud involving scams such as digital arrest, impersonation, fraudulent advertisements, and UPI-based frauds.
- During the searches, the CBI confiscated various pieces of evidence including documents, mobile devices, bank account opening forms, transaction data, and KYC records. The agency also observed that certain bank branches disregarded RBI’s Master Circular and internal protocols by failing to act on suspicious alerts and neglecting to send letters to verify customers’ addresses.
- The operation seeks to disrupt the networks facilitating cyber frauds, enhance oversight of banking KYC procedures, and encourage the introduction of new regulatory measures to address these systemic weaknesses.
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Mule accounts: CBI continues crackdown on cybercrimes with searches in five states, nine held - The Statesman
Following the searches, nine accused have been arrested, including middlemen, agents, aggregators, account holders, and bank correspondents for their alleged involvement in the operation and facilitation of opening of mule bank accounts.
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