₹175 Crore SBI Branch Fraud in Hyderabad; Money was sent using “Mule Accounts
₹175 Crore SBI Branch Fraud in Hyderabad; Money was sent using “Mule Accounts
In connection with the ₹175 crore scam, Upadhya Sandeep Sharma, 34, a gym trainer, and MadhuBabuGali, 49, the SBI branch manager, have been taken into custody. Case filed against them.
Hyderabad: In a fraud case involving ₹175 crore, the manager of a State Bank of India (SBI) branch in Hyderabad and his associates have been taken into custody.
According to officers of the Cybersecurity Bureau Headquarters in Hyderabad, the SBI branch manager in the city’s ShamsheerGunj neighborhood conspired with fraudsters, enabling the opening of current accounts, helping with fund withdrawals, and arranging money diversion in exchange for commissions.
In connection with the ₹175 crore scam, Upadhya Sandeep Sharma, 34, a gym trainer, and MadhuBabuGali, 49, the branch manager, have been taken into custody. There is a lawsuit pending against them.
The data analysis team of the Cybersecurity Bureau found that multiple complaints against six bank accounts at SBI, ShamsheerGunj, had been made and posted on the NCRP portal. The team concentrated on this problem, and upon verification, it was discovered that substantial amounts of money were moved via these accounts in just two months, in March and April 2024. There were suspicions that the account holders were complicit in significant cyber fraud. These accounts are connected to almost 600 complaints.
Operating out of Dubai, the principal fraudster and his five accomplices enticed low-income individuals to create bank accounts, providing them for use on a commission basis in cybercrimes and hawala activities.
Mahmood Bin Ahmed Bawazir and Mohammed ShoebTauqeer were detained by the Cybersecurity Bureau on August 24 in connection with the ₹175 crore scam.
Preparing paperwork and setting bank accounts were major tasks completed by Shoeb. Following account opening, checks bearing the signatures of the account holders were obtained and held by one of the accomplices. A portion of the funds was transferred via cryptocurrencies to Dubai.
As instructed by the principal con artist, the accomplices took the money out and dispersed it to people via his agents.
In February 2024, Shoeb and the others lured the impoverished with commissions and, following the primary fraudster’s instructions, managed to get them to open six current accounts at SBI’s ShamsheerGunj branch. These six accounts saw major transactions in March and April that brought the total value to around ₹175 crore.
About The Author:
Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blogs, he also writes for brands including Craw Security, Bytecode Security, and NASSCOM.
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