Kathmandu. You must have read and seen the news in the mass media from time to time about the use of a bank account in the name of one person by another person for criminal transactions. In this way, a bank account in the name of one person is used by another unrelated person for the purpose of criminal acquisition, which is called ‘money mule’ in English.
There is no word that gives it exactly meaning in Nepali, but when it is translated, it means ‘a mule carrying money’. It is someone who is giving the money that someone else has illegally earned in his bank account for depositing, withdrawing, paying or spending to a third party. The person who allows the use of this account has given access to his bank account under the control of a criminal person or organization for the greed of money or unknowingly.
Thus, a money mule is a person or entity who receives, transfers, withdraws, or transfers money for another person or entity by allowing them to use their bank account, wallet, or other financial means, whether they know the true purpose or not. Such funds are often associated with fraud, cybercrime, money laundering, or other criminal activities.
Criminals are lured by social media, messaging apps, online advertisements, telephone calls or personal contacts to be used as money mules by promising easy income, commissions, partial employment or investment opportunities.
How does the money mule business operate:
For this, first of all, the person, gang or organization involved in criminal activities influences the bank account user or digital wallet user by contacting them through various means. In this way, they easily offer income, commission income or partial employment from home and influence them. According to the Cyber Bureau of Nepal Police, housewives and young people often fall into such traps.
In this way, after getting permission to use a bank account under various inducements and influences, the money received illegally is deposited in such a bank account first. This is also known as ‘money landing’ in financial crimes. After the money is deposited in this way, the cash is withdrawn from there or sent to the third person’s account through banking.
While this whole cycle is going on, it is proposed to give a commission of up to a thousand rupees for a transaction of lakhs and a commission of up to lakhs of rupees for a transaction of crores. In the beginning, they influence by giving money, and later after the transaction, they become incommunicado. And during the investigation of financial crimes by the police, the person who allows his account to be used by others becomes liable to legal action.
Therefore, to avoid such a crime, take special care if the following situations appear:
• Offering money, commissions, gifts, or rewards for someone using your bank account.
• Be asked to transfer the blood to another person or account immediately.
• Receiving money from an unknown person or an unrelated source and directing it to be sent elsewhere.
• An easy income through social media, messaging apps, SMS, email or phone, an opportunity to work from home, or an offer of part-time employment.
• Ask for ATM card, cheque book, PIN, OTP, password, mobile bank details or other banking information.
• Asking for a copy of citizenship, passport, photo, bank statement or other identity card without any legitimate purpose.
• The source or purpose of the money is not clear or cannot be satisfactorily explained.
• Request others to use your account, wallet or digital banking service.
• Rewards or inducements of income for allowing you to use a bank account or financial service.
• Being asked to buy, sell, receive or transfer cryptocurrency using funds received from others.
• Transactions that do not match your normal financial activities or appear unusual.
