Exchange of bank account details, ATM cards for commission lands youngsters from rural Kozhikode in trouble

Several youngsters in rural Kozhikode have found themselves in trouble after opening bank accounts, lured by the promise of quick commissions from anonymous agents. Police sources revealed that many of these accounts were reportedly being used by scammers to divert illegally obtained funds.

The alleged fraud scheme surfaced when a Crime Branch squad from Madhya Pradesh recently detained four youths from Vadakara for reportedly sharing bank account details and ATM cards with unknown agents in exchange for commission. These accounts were later accessed by fraudsters to divert funds from hacked accounts and withdraw them from ATMs.

According to police sources, a scientific investigation is under way with the support of special squads from Kerala and other States specialising in financial crime probes. Some of the suspected accounts had already been blocked with the help of the respective bank authorities, they said.

Preliminary investigation revealed that newly enrolled individuals received commissions ranging from ₹10,000 to ₹25,000 for submitting their bank account details and surrendering their ATM cards. Additional commissions were also offered based on the volume of transactions in each account.   

“The account holders were unaware of the large-scale financial fraud involved. Most of them were under the impression that it was a legitimate online business providing commission-based earnings,” said a Vadakara native who knew some of the victims. He added that many students from Nadapuram and Kuttiyadi had also fallen victim to the scam and were facing legal consequences.

Published - September 20, 2024 11:07 pm IST