The manager of a State Bank of India (SBI) branch in Hyderabad’s Shamsheer Gunj area has been arrested along with his associates in connection with a fraud case to the tune of Rs 175 crore. The SBI branch manager reportedly colluded with fraudsters to scam the bank out of Rs 175 crore.
According to a report in NDTV, the bank manager Madhu Babu Gali, 49, facilitated the opening of current accounts, aiding in withdrawal of funds, and diverted funds all in exchange for commissions, officers at the Cybersecurity Bureau Headquarters in Hyderabad told the news site.
Gali along with gym trainer Upadhya Sandeep Sharma, 34, have now been arrested for the Rs 175 crore scam.
The case came to the fore after the Cybersecurity Bureau's data analysis team detected numerous complaints on the NCRP portal about the six bank accounts in the bank’s branch. Upon probing they found that in a short period of two months March-April 2024, large sums of money were transacted through these accounts.
Approximately 600 complaints are linked to these accounts. The main fraudster, operating from Dubai, and his five associates lured poor people into opening bank accounts and supplying them for use in cybercrimes and hawala operations on a commission basis.
On August 24, the Cybersecurity Bureau arrested two individuals, Mohammed Shoeb Tauqeer and Mahmood Bin Ahmed Bawazir, for their involvement in the Rs 175 crore scam. Shoeb played a key role in opening bank accounts and preparing documents, the report stated.
After opening the accounts, the signatures of the account holders were taken on cheques, which were then kept in the custody of one of the associates. Some of the money was sent to Dubai through cryptocurrency after they withdrew the money on the directions of the main fraudster.
According to a report in NDTV, the bank manager Madhu Babu Gali, 49, facilitated the opening of current accounts, aiding in withdrawal of funds, and diverted funds all in exchange for commissions, officers at the Cybersecurity Bureau Headquarters in Hyderabad told the news site.
Gali along with gym trainer Upadhya Sandeep Sharma, 34, have now been arrested for the Rs 175 crore scam.
The case came to the fore after the Cybersecurity Bureau's data analysis team detected numerous complaints on the NCRP portal about the six bank accounts in the bank’s branch. Upon probing they found that in a short period of two months March-April 2024, large sums of money were transacted through these accounts.
Approximately 600 complaints are linked to these accounts. The main fraudster, operating from Dubai, and his five associates lured poor people into opening bank accounts and supplying them for use in cybercrimes and hawala operations on a commission basis.
On August 24, the Cybersecurity Bureau arrested two individuals, Mohammed Shoeb Tauqeer and Mahmood Bin Ahmed Bawazir, for their involvement in the Rs 175 crore scam. Shoeb played a key role in opening bank accounts and preparing documents, the report stated.
After opening the accounts, the signatures of the account holders were taken on cheques, which were then kept in the custody of one of the associates. Some of the money was sent to Dubai through cryptocurrency after they withdrew the money on the directions of the main fraudster.
