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Govt Warns Against Illegal Payment Gateways Facilitating Laundering
- The Ministry of Home Affairs (MHA) and Indian Cybercrime Coordination Centre (I4C) have issued an alert against illegal payment gateways facilitating money laundering. Transnational criminals have been using these illegal digital payment gateways for laundering proceeds of various cybercrimes.
- During country-wide raids, Gujarat Police and Andhra Pradesh Police discovered illegal payment gateways such as PeacePay, RTX Pay, PoccoPay, and RPPay that were used for money laundering. The criminals obtained current and saving accounts of shell companies or individuals through social media platforms like Telegram and Facebook.
- As a preventive measure, I4C has warned banks to deploy necessary checks to identify misuse of bank accounts for setting up illegal payment gateways. Depositing illicit funds in such bank accounts may lead to legal consequences and arrest.
- This warning comes in light of the increasing cyber attacks in the country. Fraudsters have been using betting apps for money laundering, and there have been recent cases involving illegal gaming and betting apps operating through kirana stores.
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