SBI Bank Fraud: Hyderabad Branch Manager, Others Arrested For Rs 175 Crore Scam; How They Swindled Money

SBI Bank Fraud: The manager of the Hyderabad branch of the State Bank of India has been arrested along with his associates for committing fraud of Rs 175 crore. Reportedly, the branch manager with the help of scammers committed fraud worth Rs 175 crore.

According to officers of the Cybersecurity Bureau Headquarters in Hyderabad quoted by NDTV, the SBI branch manager in the city's Shamsheer Gunj area conspired with fraudsters, enabling the opening of current accounts, helping with fund withdrawals, and arranging money diversion in exchange for commissions.

A complaint has been filed against 49-year-old Madhu Babu Gali, who is the branch manager, and a gym trainer, Upadhya Sandeep Sharma have been arrested for conducting Rs 175 crore fraud in the State Bank of India.

ALSO READ: No Relief For Brij Bhushan: Delhi HC Refuses To Quash Sexual Harassment Case Against Ex-WFI Chief

The data analysis team of the Cybersecurity Bureau found that multiple complaints against six bank accounts at SBI, Shamsheer Gunj, had been made and posted on the NCRP portal.

After taking note of the complaints, the team verified the issue and it was found that large amount of money transactions were made through these accounts within two months, March and April. There were suspicions that the account holders were complicit in significant cyber fraud. These accounts are connected to almost 600 complaints.

Operating out of Dubai, the principal fraudster and his five accomplices enticed low-income individuals to create bank accounts, providing them for use on a commission basis in cybercrimes and hawala activities.

ALSO READ: Puja Khedkar Case: Delhi HC Extends Interim Protection From Arrest Granted To Ex-IAS Trainee Till September 5

Two other accused were also arrested by the Cybersecurity Bureau on August 24 in connection with the same case. They were identified as Mohammed Shoeb Tauqeer and Mahmood Bin Ahmed Bawazir.

Shoeb used to prepare paperwork and set bank accounts. Following account opening, checks bearing the signatures of the account holders were obtained and held by one of the accomplices. A portion of the money was transferred via cryptocurrencies to Dubai.