Palakkad: In a comprehensive state-wide operation codenamed "CY HUNT" aimed at dismantling organized financial cybercrime networks, the Palakkad Cyber Police conducted coordinated raids and arrested 26 individuals who actively rented out their bank accounts to interstate cyber fraudsters.
Investigations revealed that these accounts, commonly referred to as "mule accounts," were utilized by syndicates operating across India to park and launder ill-gotten money derived from stock market scams, digital arrest threats, and online task fraud.
Those arrested include college students, young professionals, and common citizens who were enticed by fraudulent middlemen offering quick commissions in exchange for opening new bank accounts and handing over login credentials, ATM cards, and linked SIM cards.
The police cautioned the general public that renting or sharing bank accounts for unauthorized financial transactions constitutes a severe criminal offense punishable under the Bharatiya Nyaya Sanhita and the Information Technology Act. Stringent surveillance continues to unmask the kingpins orchestrating the racket.
