In a chilling revelation of the growing sophistication in financial fraud, investigative agencies have uncovered a digital scam trail where crores of rupees were siphoned off within minutes across banks and state boundaries. The modus operandi? A web of ghost accounts, many of which were reused repeatedly, despite being flagged earlier.
Officials from cybercrime units and financial watchdogs revealed that fraudsters exploited lax KYC procedures, loopholes in inter-bank fund transfer protocols, and delays in real-time monitoring. Funds were routed through multiple shell accounts, often with forged documents, before disappearing into cryptocurrency wallets or offshore destinations.
Same Accounts, Same Patterns—No Action
Shockingly, some of the same bank accounts were found to be used and reused for various frauds over several months. Despite alerts, these accounts remained active, exposing serious lapses in compliance and coordination between banks and enforcement agencies.
Cross-State Money Movement in Minutes
The digital trail shows funds being moved in seconds—from a bank in Delhi to another in Kolkata, then diverted to a rural bank in Maharashtra, finally landing in a digital wallet. By the time victims noticed, the money was long gone.
Authorities Under Pressure
This revelation has put regulators like the RBI, FIU (Financial Intelligence Unit), and state cyber cells under pressure. The government is reportedly considering a nationwide audit of dormant and high-risk accounts, especially those opened using Aadhaar-based eKYC.
What Makes These Scams Hard to Catch?
Use of AI tools and social engineering to deceive victims
Layered transactions that mask the original source
Exploitation of non-integrated banking systems
Lack of a centralised fraud detection mechanism
What’s Next?
Experts are calling for a real-time fraud tracking system, stricter KYC norms, and instant account freezing mechanisms once red flags are raised. Meanwhile, law enforcement agencies are collaborating with banks to identify insiders possibly aiding the scams.
✅ FAQs (SEO-Optimized FAQ Schema Style):
1.What is the recent digital scam uncovered in India?
The recent scam involves crores of rupees being moved within minutes using ghost bank accounts across multiple Indian states. These accounts were used repeatedly, bypassing standard KYC checks.
2.How did the scammers move money so quickly?
Scammers used a chain of forged bank accounts and exploited weaknesses in real-time interbank transfers. Money was layered through multiple states and digital wallets to erase the trail.
3.Why didn’t banks stop the fraud?
Despite alerts, many flagged accounts remained active due to poor coordination between banks and cybercrime units. Delays in freezing suspicious transactions allowed scammers to escape.
4.What is being done to prevent future scams?
Authorities are pushing for stricter KYC rules, a centralized database of flagged accounts, and real-time fraud monitoring systems integrated across all banks and financial platforms.
5.What can users do to protect themselves from banking scams?
Users should avoid sharing OTPs or banking credentials, verify unknown callers, enable transaction alerts, and report any suspicious activity to their bank immediately.
published on 30 june
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