Hyderabad Police seeks RBI help to tackle mule accounts driving cyber fraud
Hyderabad Police Commissioner C.V. Anand has sought the Reserve Bank of India’s support to effectively curb the growing menace of mule accounts that are being used to facilitate cyber frauds. Addressing a meeting on cybercrime prevention, he said such accounts had become a critical link in the fraud ecosystem, enabling criminals to quickly move and launder illicit funds.
Mr. Anand explained that mule accounts are often opened using unsuspecting individuals or through forged documents, making detection difficult. He stressed the need for stronger coordination between banks, law enforcement agencies and regulators to identify suspicious transactions at an early stage and freeze accounts promptly.
The Commissioner urged the RBI to issue stricter guidelines to banks on customer verification, transaction monitoring and timely sharing of information with police. He also called for greater public awareness to prevent people from unknowingly lending their bank accounts for illegal activities.
Highlighting the rise in cybercrime cases, Mr. Anand said eliminating mule accounts would significantly weaken fraud networks and help protect citizens from financial losses.
