mule accounts News

Banks Push for Power to Freeze Suspect Accounts in Fight Against Rising Cyber Fraud

Banks are seeking the authority to freeze accounts involved in cyber fraud without prior authorization to combat the misuse of mule accounts for laundering illegal funds. Proposals...

Government and RBI Consider 'Cooling Off' Period to Combat Online Fraud Through Mule Accounts

The Indian government and RBI are discussing a 'cooling off' period to block funds in mule accounts, aiming to combat online fraud. This initiative, alongside strengthened KYC norm...