The manager of a State Bank of India (SBI) branch in Hyderabad, Madhu Babu Gali, has been arrested for his involvement in a Rs175 crore fraud scheme. Gali, 49, along with his associate gym trainer Upadhya Sandeep Sharma, 34, reportedly collaborated with cybercriminals to siphon off the massive sum from the bank.
The fraud came to light when the Cybersecurity Bureau’s data team identified numerous complaints linked to six suspicious bank accounts at the Shamsheer Gunj SBI branch. In just two months, from March to April 2024, large sums of money flowed through these accounts, raising red flags.
The investigation revealed that Gali assisted fraudsters by opening current accounts and facilitating withdrawals in exchange for commissions. The fraudsters, led by a main operator based in Dubai, lured poor individuals to open accounts, which were then used in cybercrimes and hawala operations.
Over 600 complaints have been linked to these accounts, with money laundered through cryptocurrency channels. On August 24, two individuals, Mohammed Shoeb Tauqeer and Mahmood Bin Ahmed Bawazir, were also arrested for their roles in this extensive scam.