Accused Madhu Babu Gali worked at SBI’s Shamshergunj branch in Hyderabad. | Photo: Shutterstock
A State Bank of India (SBI) branch manager and a gym trainer have been arrested in Telangana in connection with a Rs 175 crore cyber fraud.
Madhu Babu Gali was working at the SBI branch in Shamshergunj, Hyderabad. According to media reports, Gali allegedly conspired with others to open current bank accounts that were used for illegal siphoning off of funds. In return for facilitating these activities, Gali allegedly received substantial commissions.
The alleged fraud was uncovered when the data analytics team of the Telangana Cyber Security Bureau detected complaints on the National Cyber Crime Reporting Portal (NCRP) regarding six bank accounts of the branch. Around 600 complaints had been filed against these accounts.
Mode of operation
The scammers allegedly lured vulnerable people with promises of commissions in exchange for opening bank accounts, which were then used for cybercrime and hawala operations.
During the investigation, cyber detectives discovered that over a period of two months from March to April 2024, large sums of money had been transacted through these accounts. On August 24, the police arrested two more suspects, Mohammed Shoeb Tauqeer and Mahmood Bin Ahmed Bawazir, who were linked to the crime. The mastermind behind the operation, believed to be based in Dubai, remains at large.
Be alert: cyber police
Following the incident, the Telangana Cyber Security Bureau stressed the importance of verifying the identity of anyone applying for opening a bank account. The bureau also urged the public to keep a close watch on the activity of their bank accounts.
Anyone who suspects that they may have opened a “mule” account, which could be used for money laundering, is advised to immediately report it to the authorities through the cybercrime helpline (1930) or the website cybercrime.gov.in.
First published: August 29, 2024 | 1:43 PM IS
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