Economic Fraud
Top 10 Banks Linked to Cybercriminal Accounts; EOU Alerts Home Ministry
The Economic Offenses Unit (EOU) has launched an initiative to identify bank accounts used for fraudulent activities. As part of this investigation, the EOU has pinpointed ten bank branches with the highest number of mule or suspicious accounts. These accounts are suspected to be instrumental in laundering funds obtained through cybercrime.
Majority of Accounts Traced to Patna
Among the identified branches, six are located in Patna, predominantly in private banks, while the others are in Siwan, Purnia, and Bettiah. These branches have been flagged for facilitating dozens of mule accounts, through which large-scale suspicious transactions were conducted.
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To address the issue, the EOU has written to the Union Home Ministry, Union Finance Ministry, and the Reserve Bank of India (RBI), urging them to take stringent action against these branches and their associated mule accounts.
Suspicious Transactions Uncovered
The investigation has revealed thousands of fraudulent transactions from these accounts. Some of the most concerning findings include:
- Rajendra Ram Plaza, Exhibition Road, Patna: 62 mule accounts facilitated 502 suspicious transactions.
- Grand Arya, Arya Road, Rajendra Nagar, Patna: 182 suspicious accounts were involved in 470 fraudulent transactions.
- Legend Plaza, Ashiana-Digha Road, Patna: 109 mule accounts conducted 386 suspicious transactions.
- Patliputra Colony, Patna: 173 mule accounts processed 328 suspicious transactions.
- Andar, Siwan: 149 suspicious accounts carried out 365 fraudulent transactions.
Other Notable Branches Identified
- ADB Chowk, Araria: 97 mule accounts enabled 312 suspicious transactions.
- West Gandhi Maidan, Patna: 45 mule accounts facilitated 305 suspicious transactions.
- Banmankhi Main Road, Purnia: 55 mule accounts were involved in 281 suspicious transactions.
- Supriya Road, Bettiah: 77 suspicious accounts conducted 275 transactions.
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Government and RBI Intervention Sought
The EOU has requested the RBI to investigate these branches and identify the loopholes that allowed the opening of such accounts. They have also urged the government to take strict measures to prevent banks from being used as conduits for cybercrime. The branches will be asked to provide explanations for the high number of suspicious accounts and transactions.
Statewide Investigation Underway
The EOU is extending its investigation to other bank branches across Bihar to identify additional mule accounts. Efforts are focused on scrutinizing the transactions from these accounts to trace the beneficiaries and dismantle the network of cybercriminals.
The findings underline the urgent need for better monitoring mechanisms within banks to detect and prevent fraudulent activities, ensuring that financial institutions do not inadvertently enable cybercrime operations.
