During the investigation, the CBI unearthed the entire conspiracy of opening the mule account by the bankers without “proper KYC norms” or “Customer Due Diligence” or “Initial Risk Assessment”
The Central Bureau of Investigation (CBI) arrested three persons after registering a cybercrime case against a mule account holder and unknown cyber fraudsters. An amount of ₹3.81 crore was received in the mule account on July 2, the CBI officials said on Sunday (July 27, 2025).
The three accused have been identified as Sudhir Bhaskar Palande, the mule account holder, Yash Thakur, the agent, and Shaurya Sunilkumar Singh, an operator.
According to the officials, the case was filed after verification of the account. The CBI Economic Offences Branch (EOB) Mumbai received specific information and registered a case against the account holder; unknown cyber fraudsters, unknown bank officials, and unknown others for committing a cybercrime of ₹3.81 crore.
“The said account received ₹3.81 crore in a single day on July 2 from various cyber victims. On receiving credits in the said account, the money was transferred to more than a hundred mule accounts opened pan India in the first layer,” said the CBI officials, adding it was further transferred/layered to thousands of accounts before reaching the actual cyber fraudsters.
During the investigation, the CBI unearthed the entire conspiracy of opening the mule account by the bankers without “proper KYC norms” or “Customer Due Diligence” or “Initial Risk Assessment”.
How to Prevent Fake KYC & Mule Accounts: A Wake-up Call by CyberSathhi.com
CBI Uncovers Banking Conspiracy
In a shocking development, the Central Bureau of Investigation (CBI) has unearthed a major scam involving the creation of mule accounts by certain bankers. These accounts were opened without following proper KYC (Know Your Customer) norms, customer due diligence (CDD), or initial risk assessment.
This isn’t just a lapse in paperwork – it’s a loophole that criminals exploit to commit cyber fraud, money laundering, and even identity theft.
What is a Mule Account?
A mule account is a bank account opened using fake or stolen identity documents, often with the help of insiders. These accounts are then used to receive or move money obtained through illegal activities like phishing, online scams, and cybercrime.
Why It Happens
- Lack of strict KYC enforcement
- Corrupt or careless bank officials
- No cross-verification of documents
- Customers unaware of their rights and responsibilities
CyberSathhi’s 5-Step Plan to Stop It
we believe in education, empowerment, and action. Here’s how we help you avoid becoming a victim:
1. KYC Awareness Hub
2. KYC Safety Score Tool
3. Report Suspicious Bank Behavior
4. Real Case Explainers
5. CyberSathhi Toolkit for Banks (Coming Soon)