Unemployed youth enticed to rent bank accounts for quick money; Goa Police uncovers fraud

Goa police have uncovered a worrying trend of youths renting out their bank accounts to cyber fraudsters, leading to an increase in cybercrimes targeting unsuspecting citizens. The investigation revealed that many unemployed youths are enticed to rent their accounts in exchange for quick money, which the fraudsters then use to execute their schemes, reported TOI.

A recent case involved a 21-year-old youth, who supplemented his income by renting out his bank account. Police Inspector (PI) Deepak Pednekar, who is leading the investigation, explained that fraudsters typically pay Rs 1,000 per Rs 1 lakh transaction to the account holders. These fraudsters often gain access to all necessary credentials, including signed cheques, to ensure control over the accounts.

Pednekar detailed the modus operandi, noting that fraudsters approach potential victims through mutual acquaintances. "Fraudsters pay Rs 1,000 for every transaction worth Rs 1 lakh to the person who rents his account to them," he said. The rented accounts are used to receive and withdraw funds, with the account holders retaining a commission and passing the remainder to the fraudsters.

This scheme came to light during an investigation into an online trading scam where a resident of Siolim lost approximately Rs 45 lakh. It was discovered that numerous youths, particularly those aged between 20 to 25, are involved in renting their bank accounts without understanding the origins or destinations of the deposited money.

In another incident, a Panaji-based woman doctor lost over Rs 90 lakh to fraudsters who had promised high returns on stock market investments. The woman was initially approached via a social media link and subsequently added to a WhatsApp group where the fraud took place. Similarly, a jeweller from the city lost Rs 2.5 crore by investing through a fraudulent trading account.

The police highlighted that fraudsters typically target individuals with active social media profiles, using threats of circulating morphed photos and videos to extort money. PI Pednekar stressed the importance of not sharing personal information with unknown contacts online and urged citizens to report such incidents promptly to authorities.

Goa police continue to warn the public about the dangers of renting out bank accounts and the need for vigilance in safeguarding personal information against cybercriminals.

(With inputs from TOI)