Bhubaneswar, India ( Newshub Desk)– May 6, 2025 – Cyber fraud continues to plague financial institutions, with investigators uncovering over 20,000 mule accounts used to siphon ₹5,000 crore.
Despite efforts by cybersecurity experts and law enforcement agencies, fraudsters are using economically disadvantaged individuals to set up accounts that facilitate illicit transactions.
Mule accounts, often created under the guise of employment offers, allow criminals to move stolen funds across multiple accounts before converting them into cryptocurrencies, making detection nearly impossible.
Authorities have found that private banks are particularly vulnerable to this method, with many accounts being opened without stringent verification.
International cybercrime networks are reportedly involved in these fraudulent activities, prompting calls for stricter banking regulations and increased cybersecurity measures.
Experts suggest that financial institutions should implement AI-driven monitoring systems to detect unusual activity and prevent such fraud.
Cybersecurity officials urge citizens to stay vigilant and avoid sharing sensitive financial information online. As investigations deepen, authorities aim to dismantle these crime rings and hold perpetrators accountable.
