Mumbai: The Reserve Bank of India (RBI) has warned people not to allow anyone to use their bank account for receiving or transferring money. Such offers may appear to provide easy cash, but they can lead to serious legal trouble.
What Is a Money Mule?
A money mule is a person who receives or transfers illegally obtained money for someone else. Fraudsters often use other people’s bank accounts to hide the source of stolen funds.
They may contact people through social media, messaging apps, emails or phone calls. They usually promise a commission or quick payment in return for using a bank account.
How the Trap Works?
A fraudster may send money to your account and ask you to forward it to another account. Sometimes, you may be told to withdraw the amount in cash or transfer it through a digital payment app.
Even if you do not know that the money is linked to a crime, using your account in this way can put you under investigation.
Serious Legal Risk
Bank accounts used for illegal transfers may be frozen by banks or investigating agencies. The account holder may also face police questioning, financial loss or legal action.
In serious cases, helping criminals move illegal money can even lead to imprisonment. A small commission is never worth such a major risk.
Keep Details Secret
Never share your bank account number, debit card details, OTP, PIN, password or internet banking information with anyone.
Banks and RBI officials will never ask customers to reveal passwords, PINs or OTPs over a call, message or email.
Stay Alert and Safe
Do not accept money from unknown people or allow others to operate your account. Report suspicious messages or transactions to your bank immediately.
More information is available on the RBI’s awareness website, RBI Kehta Hai.
The RBI’s message is simple: stay informed, remain alert and protect your bank account.
