Hyderabad: To counter ‘mule accounts’ used by cyber criminals, Hyderabad Police Commissioner VC Sajjanar called for the establishment of a dedicated centralised database to identify and track such mule accounts in a meeting with Reserve Bank of India (RBI) Governor on Friday, December 19.
In the meeting at the RBI Hyderabad regional office, that also included Deputy Governor Swaminathan, Sajjanar highlighted the role of the RBI in protecting the “hard-earned savings of the common man.”
Calling mule accounts as the “oxygen” sustaining cybercriminals, the Hyderabad Commissioner urged the RBI to implement mule hunter tool in banks. “He apprised the Governor of the modus operandi, where fraudsters lure innocent students and daily wage labourers with commissions ranging from ₹2,000 to ₹5,000 to open bank accounts,” said a press release from the Hyderabad police.
He added that funds siphoned off from victims are diverted through mule accounts within minutes. Sajjanar further advocated for strengthening the implementation of know your customer (KYC) norms and improved due diligence by banks as well.
“Highlighting the procedural delays in investigations, the Commissioner suggested certain steps such as banks immediate sharing technical evidence, including standardised bank account statements reflecting the appropriate details, along with the coordinating with central agencies,” the release said.
the central bank Governor mentioned that both the RBI and the banks have taken a number of steps to reduce digital frauds. He also expressed a positive outlook and assured that suitable measures will be taken to address the issues raised.
