Money Mule Accounts

Scam Alert

Money Mule Accounts

Money Mule Accounts 300 233 SOS Team

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:

Sort code: 60-83-71
Account Number: 50373423
The key thing for investors to look out for is the name on the account.  If the name of the account is different to the name of the company you believe you are dealing with then you are being asked to pay into a money mule account. Never pay into a bank account of a person or company you do not know. Never pay into any bank account which uses digital currency.  
A quick check on VDM Ltd at Companies House reveals it is owned by a Lithuanian gentleman who carries on a business described as “unlicensed carrier”.  Well, the business description sounds about right as he carries money from the victim to the scammer.

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