The Central Bureau of Investigation (CBI) is investigating several bank officials and intermediaries in connection with a cyber fraud case involving ₹3.81 crore. The funds were allegedly routed through a mule account opened at a private bank, circumventing Know-Your-Customer (KYC) norms and due diligence procedures.
Details of the Fraud
The investigation began after the CBI registered a First Information Report (FIR) in July. The funds were deposited into a mule account in the name of a courier and cargo company. On July 2, the entire amount was transferred to 100 other mule accounts on the same day. Subsequently, the money was further dispersed to various accounts across the country, making it challenging for authorities to trace the funds.
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Arrests Made
In July, the CBI arrested three individuals: S Palande, Y Thakur, and S Singh. A fourth individual, identified only as Neeraj, was apprehended this month. Neeraj is alleged to have persuaded Palande to open the mule account at the private bank.
Investigation and Evidence
The CBI is scrutinizing a range of materials, including documents, digital evidence, mobile phones, iPads, bank account opening documents, transaction details, and KYC documents. These items were seized during the investigation to establish the extent of the fraud and identify all parties involved.
Regulatory Violations
Sources indicate that the accused violated Reserve Bank of India (RBI) guidelines by facilitating the opening of the mule account without proper adherence to KYC norms, due diligence, or initial risk assessment. The CBI’s ongoing investigation aims to uncover the full scope of the cyber fraud and hold all responsible parties accountable.
