CBI Uncovers Bank Officials' Complicity in Cyber Fraud, Mule Account Racket Exposed

• CBI arrested two officials from Canara Bank and Axis Bank for aiding cybercriminals in opening 'mule accounts'.
• Bank officials instructed fraudsters on how to bypass system red flags and used fake/altered documents for account creation.
• Money mule fraud involves criminals defrauding victims, distributing funds across thousands of accounts, then sending money abroad.
• Some customers, like a Lucknow waiter, also become 'mules' for quick money, highlighting greed and unemployment as factors.
• Major banks like HDFC Bank and ICICI Bank have temporarily halted digital account opening processes due to rising cases.

Why It Matters: CBI reveals shocking bank official complicity in cyber fraud, urging public caution against sharing bank details.