Being A Money Mule Might Be Against The Rules.

Money transfer agents, or ‘money mules’ as they are commonly known, are people who offer their bank accounts for use by fraudsters to transfer funds through the internet.

The fraudsters normally advertise seemingly legitimate jobs in newspapers or the internet, offering a commission for using an applicant’s bank account. Little does the innocent respondent realise that such an activity could lead to criminal offences such as money-laundering or cheating through phishing and other scams.

The advertisements may call for people with accounts in certain banks, especially banks with online banking facilities.

How Can You Avoid Becoming A Money Mule?

  • Be cautious about any unsolicited offers or opportunities offering you easy money or jobs with work-at-home and flexi time facilities.
  • Do not participate in bids for lending your bank account for use by strangers.

Even if you have nothing to do with the actual theft of funds from the bank account of another person, allowing your account to be used for such movement of funds is illegal. If caught, you may suffer severe penalties including imprisonment.

Content Source – Content Partner

Know the process to open NRE and NRO accounts

0.00 avg. rating (0% score) - 0 votes


The contents of this website are meant merely for informational purpose. This content is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing on this website is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. ICICI Bank, Affiliates of ICICI Bank their respective officers, directors, personnel, representatives, consultants, nominees, designees do not accept any responsibility for any errors whether caused by negligence or otherwise to any person, for any direct or indirect loss / claim/ damage arising out of or in relation to the event or the use of information communicated herein. ICICI Bank makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability with respect to the content provided by content partners for any purpose. Any reliance placed on such information is therefore strictly at one’s own risk.

Budget Highlights - FY2020