Security agencies in Jammu and Kashmir have uncovered a large and rapidly expanding network of so-called mule accounts, which have played a key role in strengthening the financial structure of international cyber fraud gangs. According to the investigating agencies, the money sent through these accounts is not only linked to cyber fraud but it is feared that it can also be used to finance separatist or anti-national activities.
Over 8,000 suspicious bank accounts identified
Over the last three years, authorities have identified more than 8,000 such suspicious bank accounts in the Valley and frozen them. Investigation revealed that these accounts serve as an important link in the entire process of cyber crime. The money stolen by fraudsters through these accounts is transferred at multiple levels and is later made difficult to track by converting it into digital assets like cryptocurrencies.
Considering the seriousness of this threat, central security agencies have instructed Jammu and Kashmir Police and other enforcement agencies to identify and block such accounts in collaboration with banks. Besides, the search for those people who are called Mueller has also been intensified. Mueller looks for people who provide their bank account and identity information in exchange for a commission. These are the people who help in maintaining the entire financial chain of fraud.
What do the officials say?
Officials say that after the National Investigation Agency started cracking down on illegal funding in 2017, criminals changed their methods and started using the digital hawala system instead of the traditional hawala network. In this new system, money is moved around rapidly using bank accounts, crypto wallets and online mediums, making it difficult to trace its true origin and final destination.
Investigation also revealed that common people are included in this network by luring them with easy money. They are assured that their bank account will be used only temporarily and there is no risk involved. Many people give away their account, ATM card and online banking information in the greed of commission. Later, through these accounts, the fraudulently obtained money is transferred to many other accounts, making it difficult for the investigating agencies to reach the real criminals.
In many cases, large scale money transactions are done by opening accounts in the name of fake companies. According to investigating agencies, a single cyber criminal can have control of 10 to 30 accounts simultaneously and transactions worth lakhs of rupees are done in a day through these accounts. To complicate the movement of money, the amount is divided into small parts and sent to different accounts.
Security officials’ disclosure
Security officials also revealed that the wires of this network could be connected to the international level. Some foreign nationals are allegedly instructing locals to create cryptocurrency wallets and hide their identities through Virtual Private Networks (VPNs). Officials say that such activities can become a serious threat to national security.
The agencies have clarified that making your bank accounts available to someone else is a serious crime and the people involved in it also come under the ambit of legal action. Security agencies are now running a campaign to completely dismantle this network and identify all the people involved in it and take strict action.
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