Police Reveal Cybercriminals Buying Bank Accounts for 20% Profit
Police Reveal Cybercriminals Buying Bank Accounts for 20% Profit
Muradabad, India: Two individuals were detained by Muradabad police on suspicion of selling their bank accounts to cybercriminals in return for a 20% commission on each transaction, according to authorities. Allegedly, over ₹5 crore was laundered through the accounts and distributed across other states
According to reports, the suspects, Nazim Ali and Khilafat, permitted fraudsters to make large-scale payments using their accounts. According to investigators, Khilafat’s account received transactions totaling ₹1.49 crore, while Nazim’s account alone witnessed inflows exceeding ₹3.52 crore. Seven states, including Delhi, Haryana, and Uttarakhand, were linked to the funds.
Police say the arrests came when a local businessman complained after being solicited by a woman pretending to be from Delhi. She persuaded him to send ₹1.64 crore to her network by promising him large profits from internet trading. The case was filed after the money vanished.
Money Trail Uncovered Across States
The money trail was eventually followed by the cyber police, who discovered Nazim and Khilafat’s accounts. Both guys acknowledged selling their accounts for commission, according to the officers, and the bigger network, which includes international agents, is still being investigated.
Expert View: A Growing Marketplace for “Account Mules”
Mohit Yadav, a renowned cybersecurity expert and a famous media panelist for more than 12 reputed media houses related to cybersecurity affairs, pointed out that these incidents show a “shadow marketplace” where regular people sell or rent out their accounts to organized fraud syndicates after being seduced by the promise of quick gains. The weakest but most crucial link in the network is these ‘money mules.’ Large-scale laundering is practically impossible without them, he stated, calling for more stringent financial oversight and public education initiatives.
The investigation’s expansion into interstate and international ties is expected to result in more arrests, according to police officials.
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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