Indian Cyber Crime Coordination Centre (I4C) Warns of Illegal Digital Payment Systems

• The Indian Cyber Crime Coordination Centre (I4C) has issued an alert against illegal payment gateways created using mule or rented bank accounts by transnational criminals.

• The Ministry revealed that transnational criminals had created these gateways using mule or rented bank accounts.

• These illegal infrastructures were used for laundering proceeds of multiple types of cybercrimes.

• Mule bank accounts are a significant contributor to online financial scams, potentially siphoning off 0.7% of the country’s GDP.

• The I4C identified nearly 4,000 mule bank accounts daily by investigating agencies.

• These accounts were given to criminal syndicates for accepting deposits on illegal platforms such as fake investment scam sites, offshore betting and gambling websites, and fake stock trading platforms. • The I4C advises citizens not to sell or rent their bank accounts, company registration certificate, and Udhyam Aadhaar Registration certificate to anyone. Illicit funds deposited in such bank accounts can lead to legal consequences, including arrest