Flagged: 3M ‘mule’ accounts. Declined: Rs 25K cr in fraud transactions. Then: who knows?
The post Flagged: 3M ‘mule’ accounts. Declined: Rs 25K cr in fraud transactions. Then: who knows? appeared first on The Ken .
V-Mart Retail's bank account was frozen by HDFC Bank due to its involvement in a complex series of cybercrime complaints, totaling around Rs 3 lakh. This case highlights the issue of "mule" accounts in India's fight against fraud. These accounts act as intermediaries in money laundering schemes, making it difficult to trace and recover stolen funds.
India has taken steps to combat this issue by creating a shared registry of suspect identifiers and identifying 3.2 million "Layer 1" mule accounts, which led to blocking Rs 25,698 crore in transactions.
Written by urgent.news from The Ken's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
