Hyderabad Police’s crackdown on cyber fraud has led to a high-level meeting urging the RBI to plug systemic banking gaps that enable digital financial crimes. The police cite around Rs 400 crore in annual losses and push for coordinated action against mule accounts, faster response systems, and wider adoption of RBI’s MuleHunter.AI by banks.
Financial Services Secretary M Nagaraju urged banks to adopt the RBI’s MuleHunter AI tool to tackle financial cyber fraud and mule accounts. The meeting reviewed rising digital fraud trends and stressed tighter coordination between law enforcement and banks, including real-time intelligence sharing, to detect suspicious activity faster and better protect customers.
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The CBI has arrested two bank officials after finding they took bribes to help cyber criminals set up mule accounts for money laundering. Funds routed through these accounts came from cyber frauds, and the accused allegedly also advised criminals on how to avoid detection. The case underscores insider facilitation in financial crimes, and investigations are still underway.
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