Cybercrime officials are looking into the involvement of bank staff in the increasing number of fraud cases, where criminals use ‘mule accounts’ to deceive people.
Recently, investigators discovered that fraudulent accounts, including current accounts, were being opened in banks in Hyderabad and across India. Basic verification processes were often ignored by bank employees, and large suspicious transactions went unnoticed.
Despite the Telangana Police conducting awareness programs and alerting bank management about these issues, bank staff have continued to neglect proper verification. As a result, criminal charges are now being brought against those involved. Two bank employees in Hyderabad have already been arrested for their role in a major financial fraud.
The investigation also revealed that brokers help fraudsters open these mule accounts using other people’s credentials in exchange for a commission. Some bank officials are suspected of receiving bribes to overlook these fraudulent activities.
Telangana Police have written to the Reserve Bank of India (RBI), urging them to enforce stricter verification procedures for new bank accounts. The police are also conducting awareness programs for bank employees in the state, and coordinating with RBI and local police in other areas to ensure compliance with guidelines.
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