'Money Mule' Financial Crime: Nepal Rastra Bank

Nepal Rastra Bank has issued a warning stating that being involved in 'money mule' activities is a serious financial crime, urging the public to remain vigilant and avoid falling into such traps. In a notice aimed at raising financial awareness, the central bank advised against allowing others to use one's bank or wallet accounts.

Definition of Money Mule: A money mule is someone who allows others to use their bank or wallet accounts for illegal activities. Criminals deposit, transfer, or withdraw money obtained through illegal means using these accounts.

Attractive Offers: Criminals often send enticing offers of quick and easy earnings through channels such as email, Facebook Messenger, Viber, WhatsApp, Telegram, phone calls, or messages in an attempt to obtain confidential account details.

Involvement in Financial Crime: By allowing others to use your account, you may become an accomplice to a financial crime, which is referred to as being a money mule.

Warning of Legal Action: Nepal Rastra Bank has warned that such activities are linked to money laundering and financial crimes, and anyone involved will face legal consequences.

The central bank urged everyone to avoid sharing their bank or wallet account information and to practice responsible financial behavior to stay safe from such crimes.