NPCI running pilot programme to identify mule accounts

In view of the rise in financial crimes and frauds, the National Payments Corporation of India (NPCI) is running a pilot programme for identification of mule accounts based on payment system data, said Ajay Kumar Choudhary, non-executive chairman and independent director. Terming the situation in India as ‘equally alarming’, he said cyber criminals have siphoned off more than Rs 1,750 crore in the first four months of the current calendar year.