Mule account

Mule account is a bank account used to receive and pass on fraud money. Lending your account can land you in serious trouble.

Mule account: A mule account is a bank account, often belonging to an ordinary person, that criminals use to receive stolen money and move it onward. The owner may be paid a small commission, tricked into it, or have had their documents misused to open the account.

Students, job seekers and low-income people are often approached: "Rent your account for Rs 5,000 a month," or "Receive a payment for our company and keep a cut." Fraud money then lands in the account and is moved out quickly. When police trace the trail, the first person found is the account holder, not the criminal. The commission is tiny compared with the legal trouble that can follow for the account holder.

Never let anyone use your bank account, UPI ID, SIM or documents for their transactions. If a stranger sends money to you by mistake and asks you to pass it on, do not send it; tell your bank. If you think your account was used, inform the bank and the police promptly. Explain what happened and keep all chats. Banks may freeze an account that received fraud money, which can block your own salary and savings.

Tips

• Never rent, sell or lend your bank account, SIM or UPI ID to anyone.
• If money arrives from a stranger who asks you to send it onward, tell your bank instead.
• Do not sell your documents for "account opening" jobs.

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