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Money Muling- Money Mule is a term used to describe innocent victims who are duped by fraudsters into laundering stolen/illegal money via their bank account. Whether or not the account holder is aware of it, the account is used to fraudulently transfer money to the fraudsters. The use of intermediaries makes it difficult to figure out the identity of the fraudster
Why is it significant now?. An idle account of a labourer in Punjab was used for receiving and transferring funds without he knowledge of the account holder. The case cam to light when tax authorities served a notice to the account holder.
RBI is taking action against Money Muling.
This is an information to the members of sundercircle and is reproduced from ET in the classromm.
Sunder T - 20160622
sunderkt@gmail.com
Money Muling- Money Mule is a term used to describe innocent victims who are duped by fraudsters into laundering stolen/illegal money via their bank account. Whether or not the account holder is aware of it, the account is used to fraudulently transfer money to the fraudsters. The use of intermediaries makes it difficult to figure out the identity of the fraudster
Why is it significant now?. An idle account of a labourer in Punjab was used for receiving and transferring funds without he knowledge of the account holder. The case cam to light when tax authorities served a notice to the account holder.
RBI is taking action against Money Muling.
This is an information to the members of sundercircle and is reproduced from ET in the classromm.
Sunder T - 20160622
sunderkt@gmail.com
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