Bank Accounts for Hire :
While handling my cyber cases, I have come across many cyber criminals who are apprehended by police across the country for various cyber frauds, they are mules but consented mules. This people from selected villages from North and North east have minting money by giving there bank account for hire. Strange thing in my experience I found was a well educated people from Dombivili were also doing the same business and they were involved in betting app .
This mule accounts are seeing crores of rupees of turnovers without GST or IncomeTax.
20 years of boy and girls have bought cars and properties leaving in villages having 10000-20000 population.
These hired bank accounts are the main reason for the high value stock market App fraud commited on senior citizens, ladies, unsuspecting investors and on greedy people too, the money gets transferred overseas from these accounts also often used for terror financing and all criminal activities.
My Advice :
1. Bank Account numbers to be restricted
2. Banks fraud management system to generate alerts when the turnover is high with respect to income or business declared or average holdings from last six months.
3. Such accounts should be subjected to ReKYC by bank employees from other region or #RBI, yes RBI it's that serious as branch bankers are also getting cut from these cyber frauds.
4. Turnover restrictions in villages which are now clearly established as villages involved in frauds. RBI needs to publish such villages and account holders name who are involved in such frauds.
5. All mobile apps take camera permissions, when such repeat transactions are happening or high value transaction from non HNI or non business accounts are happening an immediate Video KYC can be done for verification also.
These are my few suggestions and advice to RBI, Ministry of Finance and Ministry of Home Affairs.
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