In a jaw-dropping case of digital fraud, authorities have uncovered a massive money laundering scheme that involved an account with an opening balance of just ₹500. Within a single day, ₹3.72 crore was deposited into the account—and ₹3.33 crore was swiftly withdrawn, raising serious questions about loopholes in digital financial monitoring and the growing menace of cybercrime in India.
The Scam Unfolded
According to initial reports:
The account began with a balance of ₹500.
A total of ₹3.72 crore was credited into the account within hours.
₹3.33 crore was transferred out the same day through various digital payment gateways and shell accounts.
Authorities suspect mule accounts, shell firms, or even hacked wallets may have been involved.
How Scammers Use Dormant or Low-Balance Accounts
Fraudsters often:
Use fake KYC documents to open multiple bank accounts.
Pay small sums to individuals for access to their inactive accounts.
Rotate large sums of black money or proceeds from illegal activities using digital wallets, UPI, and instant transfer systems.
This scam shows the speed and scale at which money can be moved digitally—with devastating consequences if not monitored in real time.
Why It Matters
This case highlights:
The need for stricter KYC verification.
Better AI-based fraud detection systems.
The importance of user awareness about allowing access to personal bank accounts.
A wake-up call for banks and fintech platforms.
Preventing Such Digital Frauds
Enable account activity alerts from your bank.
Don’t share bank login or mobile OTPs.
Avoid giving consent to use your account for “easy money” schemes.
Report suspicious activity immediately to the Cyber Cell or RBI Ombudsman.
FAQs
Q1: How can scammers move crores through a ₹500 account?
A: Scammers often rotate funds rapidly across multiple accounts using UPI and instant transfer systems, taking advantage of weak monitoring on low-value accounts.
Q2: Are banks liable in such digital scam cases?
A: If the scam is due to a security lapse at the bank’s end, RBI guidelines may hold the bank liable. Otherwise, individual negligence can impact compensation.
Q3: What are mule accounts?
A: Mule accounts are bank accounts used by fraudsters to move money illegally. Often, these are real individuals who “rent” out their accounts without knowing the risks.
Q4: What action can victims take?
A: File an FIR with the Cyber Crime cell, inform your bank, and report the fraud on https://cybercrime.gov.in.
published on 1st july
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