CBI To Question Bank Staff in Rs 8.5 Lakh Mule Account Cyber Fraud Case
In a sweeping investigation, the Central Bureau of Investigation (CBI) has launched a probe into 743 branches of multiple banks for facilitating 8.5 lakh mule accounts used by cybercrime syndicates to launder illicit funds. According to the FIR, many of these accounts were created using forged documents, some even without the knowledge of the supposed account holders. The CBI found bank officials allegedly ignored mandatory RBI compliance norms, including failing to generate Suspicious Transaction Reports (STR) for high-volume accounts and neglecting Customer Due Diligence (CDD) during account openings. These lapses allowed cybercriminals to funnel stolen money through unsuspecting or fabricated identities. Two types of mule accounts were identified: Cyber Mule Accounts – Small accounts used for limited fraudulent activity. Money Mule Accounts – Accounts used for large, rapid transactions to avoid detection. “This isn’t just a lapse; it’s systemic neglect of RBI mandates that enabled a nationwide laundering network,” a senior CBI officer said. The scam, described as a “pan-India conspiracy,” involved middlemen and banking correspondents who opened accounts for illiterate or unaware individuals, enabling UPI-based transactions. The CBI also noted that no ‘thank you’ letters or acknowledgments were sent after account opening, indicating address verification failures. A total of 37 people have been named in the FIR, with 10 already arrested. Advice The CBI’s findings expose serious gaps in banking oversight, customer verification, and cybercrime safeguards, making it easier for fraudsters to exploit the system on a mass scale. Cybersecurity Tips for Users: Don’t share OTPs, PAN, Aadhaar, or banking info with anyone. Verify any SMS or call claiming to be from your bank. Regularly monitor your account for unauthorised activity. Report fraud immediately at www.cybercrime.gov.in