In today's time, we transact through UPI even for goods worth Rs 5. In such a situation, we forget that UPI is linked to the bank, that is, the transaction is calculated on every payment. If we do more transactions from the bank, then we come under the scrutiny of the bank. In such a situation, many times the bank also blocks our account. However, there is a main reason behind this.
Let us tell you that the bank has the right to block the account. Immediately after blocking the bank, it has to inform the account holder and tell the reason for which the account is being blocked. We are going to tell you why the bank blocked the account.
'Money Mule' is the main reason.
The bank keeps an eye on every transaction happening from the account. If the bank finds any kind of irregularity, then it becomes alert and takes appropriate steps. In such a situation, the bank is taking this decision to prevent frauds like 'Money Mule Transactions'.
If there is a 'money mule' in an account, then as soon as the bank comes to know about it, the bank blocks the account. When any illegally earned money is deposited or transferred in a bank account, it is called a 'money mule'.
Many times fraudsters lure the account holder and then make wrong transactions from their account or transfer illegal amounts. The bank blocks the account to crack down on such illegal work.
A recent report has revealed that the 'money mule' is increasing. The share of 'money mules' in all crimes has increased to about 40 percent. There are cases of 'money mules' not only in India but also globally. To prevent such fraud, countries like Singapore and the UK have started data-sharing platforms.
Why is a bank account blocked?
According to banking fraud analysis experts, the bank blocks money mule accounts as soon as possible so that the fraudster can be caught. If the bank does not do this, the fraud operators will quickly transfer the money to another account. In such a situation, the real account holder will not be known and frauds like money mule cannot be curbed. For this reason, the bank takes immediate action on the marked account and blocks the account. After blocking the account, the bank investigates that transaction.
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