Bank Account Rental Scam: Falling for Small Gains, Paying Huge Penalties

Kathmandu : Trigunratna Bajracharya saw a Facebook advertisement promising "Earn Money from Home." When he clicked, it redirected him to a Telegram account named Yolo (@Yolo168861). The account offered to teach him how to earn money without any investment, simply by following their instructions.

The scam worked like this:

1. They asked for his bank account details
2. Rs 300,000 was deposited in his Siddhartha Bank account
3. They immediately asked for proof of deposit via screenshot
4. They then instructed him to transfer:
   • -Rs 50,000 to one account
   • -Rs 100,000 to second account
   • -Rs 130,000 to third account
   • -Rs 20,000 was his supposed "salary"

Shortly after, his Siddhartha Bank account was frozen on orders from the Cyber Bureau. When he visited the Cyber Bureau on January 2, 2024, he was arrested.

Similar Case: Sanjiv Kumar Sharma (31) from Rajbiraj, who worked at a grocery store, fell for a similar scam. He was contacted through Facebook, then email, then WhatsApp, and finally Telegram (@DF-KK). He was promised Rs 500 for each transaction. His bank account was used for transactions worth millions before being frozen.

Current Situation:

• -10 people are in police custody for similar bank account rental scams
• -They're among 24 people charged in court for unauthorized withdrawals from F1Soft's Citizen Bank account
• -The total fraud amount is Rs 33.95 million
• -If convicted, they'll have to pay Rs 67.8 million (including penalties)
• -Trigunratna, who earned Rs 20,000, might have to pay Rs 2.825 million

Police Perspective:

SP Dipak Raj Avasthy from the Cyber Bureau says young Nepalis are easily falling prey to international criminals who use the lure of easy money. Most arrested individuals are merely low-level facilitators who rent out their bank accounts. The masterminds behind these operations remain beyond Nepal Police's reach.

Methods Used by Scammers:

1. Social media advertisements promising work-from-home jobs
2. Progressive communication through different platforms (Facebook → WhatsApp → Telegram)
3. Using bank accounts as money mules
4. Quick transfers to multiple accounts
5. Small commission payments to account holders

The Nepal Rastra Bank's oversight appears ineffective, and the police face challenges in tracking down the main perpetrators who operate internationally.

Warning Signs:

• -Offers of easy money without investment
• -Requests for bank account details
• -Use of multiple communication platforms
• -Quick deposits followed by transfer requests
• -Small commissions for large transactions

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