Rs 175 Crore Fraud In Hyderabad SBI Branch; 'Mule Accounts' Used, Main Fraudster Operating From Dubai

Cyber Security Bureau has advised people to avoid opening a bank account for someone else or carrying out any dubious transactions stating that if you have already opened a mule account, report it to 1930 or cybercrime.gov.in.

New Delhi: Two more people, including a bank manager, have been detained by the Telangana Cyber Security Bureau in connection with the Rs 175 crore Hyderabad SBI Branch scam.

The Cyber Security Bureau has arrested Upadhya Sandeep Sharma, a gym trainer, and Madhu Babu Gali, the manager of State Bank of India's Shamshergunj branch for their alleged involvement in the case. This has brought the case's total number of arrests to four. 

A case was registered against them under 66D of the IT Act, and sections 318(4), 319(2), and 338 of the BNS Act at the Cyber Crime Police Station, Hyderabad, based on a suo motto complaint, Telangana Cyber Security Bureau Director Shikha Goel said.

In exchange for commissions, the SBI Shamsheergunj branch manager allegedly conspired with fraudsters to help open current bank accounts, assist with cash withdrawals, and plan money diversion, Goel said.

On August 24, the Cyber Security Bureau busted the fraud and arrested two persons - Mohammed Shoeb Tauqeer and Mahmood Bin Ahmed Bawazir.

According to the Cyber Security Bureau, the main fraudster operates out of Dubai. Along with his five associates, he used to lure people into opening bank accounts and supply them for use in cybercrimes and hawala operations. 

Shoeb was instrumental in opening bank accounts and preparing the required paperwork. A portion of the funds was transferred via cryptocurrencies to Dubai. 

In February 2024, Shoeb and his associates lured several people to open six current accounts in the SBI's Shamsheergunj branch. These six accounts saw major transactions in March and April totalling around Rs 175 crore.

The Cyber Security Bureau has advised people to avoid opening a bank account for someone else or carrying out any dubious transactions. "If you have already opened a mule account, report it to 1930 or cybercrime.gov.in. Be cautious of unsolicited offers to open bank accounts. Verify the identity and credentials of anyone asking you to open an account and monitor your account activity regularly," it said.

IANS Inputs