The manager of a State Bank of India (SBI) branch in Hyderabad and his associate have been arrested in a major bank fraud case of Rs 175 crore.
Branch manager of SBI branch of Shamshir Ganj area Madhu Babu Gali and a gym trainer Upadhyay Sandeep Sharma have been arrested in this scam. After this arrest, there is panic among the local people.
Cyber Security Bureau officials have confirmed the case. It is alleged that the branch manager and his associates were colluding with the fraud gang to open current accounts.
Apart from this, they were helping in withdrawal of funds and carrying out money transactions for profit. Cyber Security Bureau official said that they were getting commission in return for these tasks.
The data analysis team of the Cyber Security Bureau focused on multiple complaints lodged against six accounts in the Shamsheer Ganj branch of SBI. There was a huge amount of transaction in these accounts between March and April 2024.
During the investigation, it was revealed that these accounts were involved in large-scale cyber fraud and about 600 complaints were linked to these accounts.
The main fraudster was operating this operation from Dubai and his five associates lured poor people to open bank accounts and used them for cyber crime and hawala operations.
On August 24, the Cyber Security Bureau also arrested Mohammad Shoaib Tauqeer and Mahmood Bin Ahmed Bawajir. Shoaib played a key role in opening bank accounts and preparing documents.
After the accounts were opened, the signatures of the account holders were taken on cheques, which were kept with an associate. Some money was then sent to Dubai via cryptocurrency.
Officials said Shoaib and others convinced the poor people to open six current accounts in the Shamsheer Ganj branch of SBI in February 2024.
Transactions worth more than Rs 175 crore took place in these accounts in March and April. After this case came to light, the public has been warned not to open a bank account for anyone else or get involved in suspicious transactions.
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