Govt signs MoU to use AI to detect and freeze mule bank accounts

Indian Cyber Crime Coordination Centre (I4C), under Home Ministry, signed an MoU with Reserve Bank Innovation Hub to combat cyber-enabled financial fraud. They will use AI to detect and cull hidden mule accounts by taking the data from the I4C's Suspect Registry. A mule account is a bank account used by criminals to transact illicit funds without account holder's knowledge.