Over 8.5 Lakh Mule Bank Accounts Detected in 700+ Bank Branches Nationwide
By Inder Vashisth
In a sweeping crackdown on cybercrime and financial fraud, the Central Bureau of Investigation (CBI) launched coordinated raids at 42 locations across Rajasthan, Delhi, Haryana, Uttarakhand, and Uttar Pradesh under Operation Chakra-V. The operation targets an extensive network of mule bank accounts used by cybercriminals in a range of digital scams, including fake investment schemes, impersonation rackets, and UPI-based financial frauds.
The investigation has so far unearthed a massive 8.5 lakh mule accounts opened across over 700 branches of various Indian banks. These accounts were primarily created by organized cyber fraud syndicates, often bypassing mandatory KYC norms, risk assessments, and due diligence protocols.
According to officials, the fraud network was facilitated by a collusion of bank officials, agents, middlemen, aggregators, bank correspondents, and e-Mitra operators who helped open and operate the fake accounts. These mule accounts served as conduits for receiving, transferring, and withdrawing proceeds of cybercrimes.
The CBI initially registered an inquiry to map the scope of the fraud and identify those responsible within the banking system. The findings revealed widespread violations of RBI guidelines and internal bank protocols, such as failure to send verification letters, overlook of suspicious transactions, and ignoring enhanced due diligence requirements.
Following the raids, the CBI seized a large cache of incriminating documents, digital evidence, mobile devices, bank transaction details, and KYC papers. Nine individuals—including account holders, middlemen, agents, and bank correspondents—have been arrested for their involvement in the network.
A formal FIR has been filed, invoking charges under IPC/BNS sections related to criminal conspiracy, cheating, forgery, and criminal misconduct by public servants under the Prevention of Corruption Act.
A CBI official emphasized, “This action reflects the Government of India’s strong resolve to dismantle the digital infrastructure supporting cybercrime, especially financial frauds impacting common citizens.”
The arrested individuals are being produced before the court. Further investigation is ongoing, with more arrests and leads likely to emerge in the coming days.