The agency detected that there were two kinds of mule accounts – cyber and money.While cyber mule accounts were small accounts, money mule accounts were exhibiting multiple transactions in a span of few days and aggregate amount was crossing the threshold to red flag them.Existing Reserve Bank of India (RBI) guidelines unequivocally mandate the generation of an STR if an account is identified as a money mule.In case no STR is filed, it is considered a non-compliance of the RBI circular.The pernicious fraud allegedly involved cyber criminals employing deceptive means, including impersonation, misrepresentation, and the use of forged documents to defraud and extort money from victims, the CBI officials said.The CBI has alleged that banks also failed to do ‘enhanced due diligence’ in violation of the RBI circulars that stress for EDD and rigorous risk categorisation based on customer identity and business activity.’High-risk accounts have to be subjected to more intense monitoring.However, despite certain areas having high concentration of mule accounts, it has emerged that bank officers were not adopting enhanced due diligence on the suspicious bank accounts,” the CBI FIR said.
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