Cyberabad police arrest seven bank officials in mule accounts case

Hyderabad: Cyberabad police on Thursday arrested seven bank officials for their alleged role in facilitating mule accounts."It was revealed that certain bank employees and field officers colluded with cybercrime fraudsters and account suppliers by illegally opening current accounts, bypassing due diligence norms, and receiving commissions in return," the police said in a press note.Those arrested include a branch manager and an assistant manager of a public sector bank in Kukatpally, a former manager of a PSB in Pragathi Nagar, three field officers from two different private banks, and an assistant manager of a private bank. The officials were arrested in connection with five separate cases."The accused bank officials and field staff were found to be actively facilitating the opening of bank accounts for cyber fraudsters, knowingly ignoring KYC norms and verification procedures. In some instances, field verification was conducted only after receiving illegal commissions, thereby enabling fraudulent transactions," a Cyberabad police official said."It was also found that unusually high-value transactions were carried out through these accounts, far exceeding normal banking activity.""Despite clear indicators of suspicious transactions, the accused failed to initiate mandatory safeguards, reporting mechanisms, and preventive measures as required under banking regulations and anti-money laundering (AML) guidelines. Their actions demonstrate serious misuse of official positions, breach of trust, and direct or indirect support to organised cybercrime networks, resulting in financial losses to innocent victims," the police added.
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