Hyderabad: To counter ‘mule accounts’ used by cyber criminals, Hyderabad police commissioner VC Sajjanar has called the establishment of a dedicated centralized database to identify and track such mule accounts.
The Hyderabad police commissioner VC. Sajjanar in a meeting with Reserve Bank of India (RBI) Governor and deputy Governor Swaminathan at the RBI Hyderabad regional office on Friday, December 19, highlighted the role of RBI in protecting the “hard-earned savings of the common man”.
Stating that 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 KYC norms and better due diligence by banks as well.
“Highlighting the procedural delays in investigations, the Commissioner suggested certain steps such as immediate sharing of technical evidence, including standardised bank account statements reflecting the appropriate details, by banks, and coordinating with central agencies,” stated the Hyderabad police commissioner during the meeting.
According to the release, the RBI governor mentioned that both 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.
