A new scam known as the “rent-a-bank-account” scheme is turning unsuspecting individuals—especially those in financial distress—into money mules. Victims are lured by offers of easy money to “lend” their bank accounts for temporary use. Once criminals gain access, these accounts are used to launder funds from illegal activities like phishing, shell companies, and organized crime. Victims, like a college student in Pune, face legal consequences when their accounts are flagged, including account freezes and police action. Experts warn this scam is a massive financial and national security threat, with 50,000–100,000 cases detected monthly, and call for stronger KYC norms, public awareness, and inter-sector cooperation to combat it.

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