SBI Manager Arrested in Rs 175 Crore Banking Scam for Opening Mule Accounts to Transfer Illicit Cybercrime Funds

A manager of SBI and a gym trainer have been arrested in Telangana for their involvement in a Rs 175 crore cyber fraud. The syndicate was uncovered after multiple complaints were registered on the National Cybercrime Reporting Portal.

Hyderabad: In a major cyber fraud case, a branch manager of State Bank of India (SBI) and a gym trainer have been arrested in Telangana for their alleged role in a Rs 175 crore fraud syndicate. 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 illicit fund transfers. 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 an SBI branch.

During the investigation, the modus operandi of the fraud involved luring vulnerable individuals with promises of commissions in return for opening bank accounts. These accounts were then used for cybercrime and hawala operations. Investigators found that a large amount of money was transacted through these accounts from March to April 2024. 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, believed to be based in Dubai, remains at large.

Following the incident, officials of 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 they may have opened a "mule" account, which can be used for money laundering, is advised to report it to the authorities immediately through the cybercrime helpline (1930) or the website cybercrime.gov.in.

Sources: https://www.the420.in/cbi-interpol-gujarat-police-arrest-mastermind-2273-crore-dubai-online-gambling-scam/