Mule accounts: When random bank accounts of daily wage labourers received windfalls to the tune of crores

RBI Governor Shaktikanta Das on Wednesday held a meeting with the top leaders of public sector banks and select private banks and exhorted them to crack down on mule accounts.

For the unversed, a mule account is the one used by someone who is different from the account holder. These accounts are often used for money laundering and other illegitimate purposes.

He also told the banks to intensify customer awareness and education initiatives, among other measures, to curb digital frauds.

Here we list out some of the massive bank transfers in the recent past where an average Joe received a bounty to the tune of crores from unknown sources. And prima facie, it appears that the accounts were reportedly used – against the knowledge of the account holder – to syphon off money illegitimately.

I. ₹9,900 crore bounty received in bank account

In May 2024, a man in Uttar Pradesh’s Bhadohi district discovered that he had a staggering ₹9,900 crore in his bank account.

When he informed the bank authorities, it was learnt that Bhanu Prakash’s account is a Kisan Credit Card (KCC) loan account which had become an NPA (non performing asset).

It was believed to be a software glitch, which was later corrected.

II. Lost pan card, labourer’s account was credited with ₹221 crore

In October 2023, Shiv Prasad Nishad, a daily wage labourer in UP mysteriously received ₹221 crore in his bank account.

The man belongs to Bartania village of Basti district in UP.

He revealed in the investigation that he had misplaced his PAN card several years ago and someone may have used the account to deposit funds illegitimately.

III. Chemist in Aligarh received ₹4 crore

In a similar incident, Mohd Aslam, a 37-year-old chemist from Aligarh, received a windfall of money in Nov 2023 when ₹4 crore was credited to his account in IDFC and UCO banks from unknown sources.

He informed the bank officials. When they did not intervene, he had no option but to dial 112.

IV. Farmer in Andhra Pradesh got ₹1.84 crore:

Likewise, K Srinivasulu Naidu, a resident of Anantapur district of Andhra Pradesh in a similar sequence of events received an unexpected ₹1.84 crore in his savings bank account in Dec 2016.

Some reports claimed the recipient was a stone factory worker while others called him a farmer. A Deccan Chronicle report had stated that a similar thing happened to a cinema theatre operator in Anantapur when his savings account was credited with ₹one crore.

V. A Bengal man with ₹17 was credited with ₹100 crore

In another bizarre incident, a daily wage worker in Murshidabad district of West Bengal who had just ₹17 in his account was credited with ₹100 crore.

His account with PNB was blocked but when he checked on Google Pay, his account showed a balance of ₹100 crore.