CBI Investigating a ₹3.81 Cr Cyber Fraud by Bank Officials and Middlemen
In relation to a cyber fraud case involving ₹3.81 crore, the Central Bureau of Investigation (CBI) is looking into a number of bank employees and middlemen. In order to get around Know-Your-Customer (KYC) regulations and due diligence processes, the money was purportedly transferred through a mule account that was opened at a private bank.
Fraud Details
After the CBI filed a First Information Report (FIR) in July, the investigation got underway. The money was sent into a mule account under the name of a cargo and courier business. On July 2, the full sum was moved simultaneously to 100 additional mule accounts. The cash was then further distributed among other accounts throughout the nation, making it difficult for officials to track them down.
Arrests Made
Three people—S Palande, Y Thakur, and S Singh—were taken into custody by the CBI in July. This month, a fourth person—who was only known as Neeraj—was taken into custody. Palande is accused of being convinced by Neeraj to open the mule account at the private bank.
Investigation and Evidence
Documentation, digital evidence, cell phones, iPads, bank account opening documentation, transaction records, and KYC documents are among the many items under examination by the CBI. In order to determine the scope of the fraud and to identify all parties involved, these items were seized throughout the investigation.
Regulatory Violations
According to sources, by enabling the opening of the mule account without appropriate attention to KYC rules, due diligence, or initial risk assessment, the accused broke Reserve Bank of India (RBI) guidelines. Finding the entire extent of the cyber fraud and holding those accountable are the goals of the CBI’s ongoing investigation.
About The Author:
Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blogs, he also writes for brands including Craw Security, Bytecode Security, and NASSCOM.
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