SBI Manager and Associates Arrested in ₹175 Crore Fraud Case in Hyderabad

SBI Manager and Associates Arrested in ₹175 Crore Fraud Case in Hyderabad

In a significant development, the manager of a State Bank of India (SBI) branch in Hyderabad's Shamsheer Gunj area has been arrested, along with his associates, for their involvement in a ₹175 crore fraud scheme. The manager, Madhu Babu Gali, 49, allegedly conspired with fraudsters to facilitate the embezzlement of large sums from the bank.

Reports indicate that Gali assisted in the opening of multiple current accounts, which enabled unauthorized withdrawals and fund diversions, all for a share of the commissions. Alongside him, gym trainer Upadhya Sandeep Sharma, 34, was also arrested in connection with the case.

The Cybersecurity Bureau's data analysis team became aware of the fraud after receiving numerous complaints via the National Cybercrime Reporting Portal (NCRP) regarding six specific accounts at the branch. An investigation revealed that, within a mere two-month period from March to April 2024, substantial amounts of money were transacted through these accounts, generating around 600 complaints.

The mastermind behind the scheme, operating from Dubai, and his five accomplices had recruited vulnerable individuals to open bank accounts, which were then misused for cybercrimes and hawala transactions in exchange for commissions.

On August 24, the Cybersecurity Bureau also apprehended two other suspects, Mohammed Shoeb Tauqeer and Mahmood Bin Ahmed Bawazir, for their roles in the scam. Reports suggest that Shoeb was instrumental in the account openings and documentation processes.

After the accounts were established, signatures from the account holders were collected on cheques, which were retained by one of the associates. A portion of the funds was reportedly transferred to Dubai using cryptocurrency after withdrawals were made under the guidance of the main fraudster.