Money Muling

The manager of a State Bank of India (SBI) branch in Hyderabad and his associates have been arrested in a fraud case worth Rs 175 crore.

The Enforcement Directorate on Tuesday said it has taken possession of funds worth Rs 90 crore, kept in cryptocurrency wallets of exchanges like Binance, ZebPay and WazirX, as part of a money laundering investigation linked to an online gaming app "scam".

Three Indian students, who had initially come to Singapore to study, were sentenced to prison for participating in a transnational money mule syndicate that was perpetrating "tech support scams," a media report said.

As Prime Minister Narendra Modi's government completes two years in power, the NDA's progress report celebrates the fact that nearly 22 crore bank accounts have been opened under the Pradhan Mantri Jan Dhan Yojna. But the RBI has warned that these newly opened accounts could be "very vulnerable" to misuse for "money muling".

Raising concerns that Jan Dhan accounts can be misused by 'money mules', RBI on Monday warned they are "very vulnerable" to frauds and asked banks to be on guard against such activities.

The manager of a State Bank of India (SBI) branch in Hyderabad and his associates have been arrested in a fraud case worth Rs 175 crore.

The Enforcement Directorate on Tuesday said it has taken possession of funds worth Rs 90 crore, kept in cryptocurrency wallets of exchanges like Binance, ZebPay and WazirX, as part of a money laundering investigation linked to an online gaming app "scam".

Three Indian students, who had initially come to Singapore to study, were sentenced to prison for participating in a transnational money mule syndicate that was perpetrating "tech support scams," a media report said.

As Prime Minister Narendra Modi's government completes two years in power, the NDA's progress report celebrates the fact that nearly 22 crore bank accounts have been opened under the Pradhan Mantri Jan Dhan Yojna. But the RBI has warned that these newly opened accounts could be "very vulnerable" to misuse for "money muling".

Raising concerns that Jan Dhan accounts can be misused by 'money mules', RBI on Monday warned they are "very vulnerable" to frauds and asked banks to be on guard against such activities.