The manager of a State Bank of India (SBI) branch in Hyderabad, along with his associates, has been arrested in connection with a massive fraud case worth Rs175 crore. Madhu Babu Gali, the branch manager in Shamsheer Gunj, allegedly colluded with fraudsters to open current accounts, facilitate fund withdrawals, and divert money in exchange for commissions.
Gali, 49, and gym trainer Upadhya Sandeep Sharma, 34, were apprehended by officers from the Cybersecurity Bureau Headquarters in Hyderabad. The investigation was initiated after numerous complaints were detected on the NCRP portal regarding six bank accounts at the SBI branch. Upon further scrutiny, officials found that significant transactions occurred within just two months—March and April 2024—linking approximately 600 complaints to these accounts.
The main fraudster, operating from Dubai, recruited five associates to lure impoverished individuals into opening bank accounts, which were then used for cybercrimes and hawala operations for a fee. On August 24, two other individuals, Mohammed Shoeb Tauqeer and Mahmood Bin Ahmed Bawazir, were arrested for their roles in the scam.
Shoeb was instrumental in opening the bank accounts and preparing documentation. After the accounts were established, signatures of account holders were obtained on cheques, which were kept by associates. Some funds were reportedly transferred to Dubai through cryptocurrency.
The associates followed directives from the main fraudster, convincing vulnerable individuals to open six current accounts at the SBI branch in February 2024 with promises of commissions. This led to substantial transactions totaling approximately rS175 crore in March and April.