The Central Bureau of Investigation (CBI) on Thursday launched a coordinated crackdown across five states as part of Operation Chakra-V, targeting mule bank accounts being used in large-scale cyber frauds. Acting on specific source information and following internal verification, the agency carried out searches at 42 locations in Rajasthan, Delhi, Haryana, Uttarakhand, and Uttar Pradesh.
The CBI arrested nine individuals during the operation. The accused include middlemen, bank correspondents, agents, aggregators, and account holders. All of them are being produced before the court, and the investigation remains ongoing.
The investigation found that more than 8.5 lakh mule accounts were opened through over 700 branches of various banks across India. These accounts were either created without adhering to Know Your Customer (KYC) norms, customer due diligence, or initial risk assessments.
During the raids, the agency seized a range of incriminating materials, including mobile phones, bank account opening documents, KYC records, transaction details, and other digital evidence. Officials identified several individuals involved in facilitating the opening of mule accounts.
The agency registered an enquiry to unravel the entire conspiracy behind the creation and use of these mule accounts.
These searches are part of an ongoing investigation into how organised cyber fraud networks are using mule accounts for digital arrest scams, impersonation frauds, fake advertisements, investment scams, and UPI-based financial frauds.
The CBI revealed that these operations are being aided by the deliberate or negligent actions of certain bank officials, agents, aggregators, e-Mitras, and other middlemen who help open and operate these fraudulent accounts.
CBI officials highlighted serious lapses by bank managers, including their failure to carry out Enhanced Due Diligence on suspicious transaction alerts.
Many banks also neglected to send acknowledgement or verification letters to account holders, which would have helped confirm their physical addresses. These violations go against both RBI’s Master Circular and internal bank guidelines.
Following the enquiry, the CBI registered a formal FIR invoking charges under the Indian Penal Code (IPC), Bharatiya Nyaya Sanhita (BNS), and the Prevention of Corruption Act. The offences include criminal conspiracy, cheating, forgery, and criminal misconduct by public servants.
The investigation into the matter is underway.
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