Economic Fraud
SBI Manager Arrested in Rs 175 Crore Banking Fraud for Opening Mule Accounts to Transfer Illegally Acquired Cyber Crime Funds
An SBI manager and a gym trainer have been arrested in Telangana for their involvement in a Rs 175 crore cyber fraud. The scam was uncovered after multiple complaints were registered on the National Cybercrime Reporting Portal.
Hyderabad: In a major cyber fraud case, a State Bank of India (SBI) branch manager and a gym trainer have been arrested in Telangana for their alleged roles in a Rs 175 crore scam. The SBI manager, identified as Madhu Babu Gali, was employed at the Shamshergunj branch in Hyderabad. According to reports, Gali conspired with others to open several bank accounts that were later used for the illegal diversion of funds. In return for facilitating these activities, he allegedly received substantial commissions.
The cyber fraud came to light when the Telangana Cyber Security Bureau’s data analysis team noted multiple complaints on the National Cybercrime Reporting Portal (NCRP). Over 600 complaints were made regarding suspicious activities related to six bank accounts at the SBI branch.
The modus operandi of the fraud involved luring vulnerable individuals with promises of commissions in exchange for opening bank accounts. These accounts were then utilized for cybercrimes and hawala operations. Investigators discovered that from March to April 2024, large sums of money were transacted through these accounts. On August 24, the police also arrested two other suspects, Mohammed Shoeb Tauqeer and Mahmood Bin Ahmed Bawazir, who were linked to the crime. However, the mastermind behind the operation, who is believed to reside in Dubai, is still at large.
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Following the incident, the Telangana Cyber Security Bureau emphasized the importance of verifying the identity of anyone requesting to open a bank account. The bureau also urged the public to monitor their bank accounts closely and report any suspicious activity.
Anyone who suspects that they might have opened a “mule” account, which could be used for money laundering, is advised to report it immediately to the authorities through the cybercrime helpline (1930) or the website cybercrime.gov.in.
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