MHA warns of cybercriminals using 'mule' accounts for money laundering

Quick Summary:

The Union Home Ministry has issued an alert against illegal payment gateways created by transnational gangs of cybercriminals using mule bank accounts and are being used for facilitating money laundering, officials said on Monday.

Police in Gujarat and Andhra Pradesh recently conducted nationwide raids which showed that cybercriminals have set up illegal digital payment gateways using rented bank accounts for laundering the proceeds of different crimes.

The gateways are created by transnational cybercriminals who provide money laundering services using accounts of shell companies and individuals, exploiting the bulk payout facility provided by banks, it said.

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Article Details

Category: BusinessFinance

Markets: India

Topics: Mule accounts Illegal payment gateways Money laundering Cybercriminals

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-28 @ 23:04:37 (8 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 377 words

Reading Time: 3 minutes read

Sentences: 12 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23293145

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