Using mule bank accounts, international gangs of cybercriminals have built illicit payment gateways that are being used to facilitate money laundering, according to a warning issued by the Union Home Ministry on Monday.
The gateways are made by international hackers who take advantage of the bulk payment feature offered by banks to offer money laundering services through the accounts of shell corporations and private citizens.
Cybercriminals have established illicit digital payment channels utilizing rented bank accounts to launder the profits of various crimes, according to recent statewide searches by Gujarat and Andhra Pradesh police.
“Some of the payment gateways identified during the operation are PeacePay, RTX Pay, PoccoPay, RPPay, etc. These gateways are learned to be providing money laundering as a service and are operated by foreign nationals,” a government statement said.
The Indian Cybercrime Coordination Centre (I4C), which analyzed information collected by the state police, revealed the cybercriminals’ method of operation, which is to search for savings and current accounts of individuals and shell companies on Facebook and Telegram.
“These mule accounts are controlled remotely from overseas. An illegal payment gateway is then created using these mule accounts, which are given to criminal syndicates for accepting deposits on illegal platforms like fake investment scam sites, offshore betting and gambling websites, fake stock trading platforms, etc.,” the statement said.
It stated that as soon as the money from these crimes is received, it is quickly layered into another account.
“Bulk payout facilities provided by banks are misused for the same,” it added.
“I4C has advised citizens not to sell/rent their bank accounts/company registration certificate/Udhyam Aadhaar registration certificate to anyone. Illicit funds deposited in such bank accounts can lead to legal consequences, including arrest. Banks may deploy checks to identify misuse of bank accounts that are used for setting up illegal payment gateways,” the statement said.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: CIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter
About us:
CIO News is the premier platform dedicated to delivering the latest news, updates, and insights from the CIO industry. As a trusted source in the technology and IT sector, we provide a comprehensive resource for executives and professionals seeking to stay informed and ahead of the curve. With a focus on cutting-edge developments and trends, CIO News serves as your go-to destination for staying abreast of the rapidly evolving landscape of technology and IT. Founded in June 2020, CIO News has rapidly evolved with ambitious growth plans to expand globally, targeting markets in the Middle East & Africa, ASEAN, USA, and the UK.
CIO News is a proprietary of Mercadeo Multiventures Pvt Ltd.
