Money Mule Accounts

Money mule accounts are bank accounts which the owners allow to be used to collect money obtained by deception.  We are contacted all the time by people who have been tricked into paying into a money mule account.  Money mules are always associated with follow-on-frauds. These are scams targeting investors who have already fallen victim to a scam and who are now receiving unsolicited emails and phone calls promising them that the money can be recovered.

Occasionally, money mule accounts are used in the original scam but this is rare. More often than not the original scammers like to present a veneer of respectability so they will use a dodgy company to receive the money into what they describe as “an escrow account”. The reason is the same – they are putting a middle man in place so that the ultimate recipient(s) of the money are invisible to investors. One of those dodgy escrow companies is Jade State Wealth.

Last week we were notified of another money mule account which is being used in a follow-on-fraud. In this case the FOF was aimed at victims of the Texmoore scam.  The account details are:

VDM Ltd

Sort code: 60-83-71

Account Number: 50373423