Mule Account Scam: Fraud Worth INR 175 Crore at Hyderabad SBI Branch, Manager Among 4 Arrested
The branch manager of State Bank of India's Shamshirgunj branch in Hyderabad, Madhu Babu Gali, was arrested with three others in a INR 175 crore mule account scam by the Telangana Cyber Security Bureau officials on August 28.
Hyderabad, August 29: Madhu Babu Gali (49), the branch manager of State Bank of India's (SBI) Shamshirgunj branch, was arrested by Telangana Cyber Security Bureau (TGCSB) officials on suspicion of involvement in an INR 175 crore "mule accounts" scam on August 28. Gym trainer Upadhya Sandeep Sharma (34) was also arrested along with Mohammed Shoeb Tauqeer and Mahmood Bin Ahmed Bawazir in connection with the alleged scam.
The arrest was based on a suo moto complaint and a case against the Cr. No. 28/2024 u/s 66D of the IT Act, and Sections 318(4), 319(2) and 338 of the Bharatiya Nyaya Sanhita (BNS) Act at the Hyderabad Cyber Crime Police Station. According to the Director of TGCSB, Shikha Goel, the former SBI manager Gali and Sharma diverted money by opening "mule" or fake current accounts at the Shamshirgunj SBI branch. These fraudulent transactions and diversion of funds allegedly amounted to INR 175 crore worth of scam. This was done to receive commissions for each illegal transaction. Bank Cheque Fraud Case: Jalandhar Police Bust Multi-State Bank Cheque Fraud Syndicate; 5 Scamsters Arrested, 19 Accounts Seized.
SBI Shamshirgunj Branch Manager Arrested by Telangana Cyber Security Bureau
The operation, carried out by Deputy Superintendents of Police Hari Krishna and KVM Prasad, was supervised by Devender Singh, the Superintendent of Hyderabad Police's Counter Intelligence Cell. The police inspected over 600 complaints against six particular bank accounts at the Shamshirgunj branch to uncover the scam. The accused were allegedly scamming marginalised people by luring them with the promise of receiving commissions on opening new bank accounts. When the unaware people consented to open the accounts, Gali and the other accused used these bank accounts to conduct hawala operations and fraudulent transactions. Online Scam in Gurugram: Police Arrest Two Cyber Fraudsters, Including IDFC Employee for Providing Bank Account Details to Scamsters.
After the scam was uncovered, the agency issued warnings and cautioned the public against opening accounts for someone else or engaging in suspicious transactional activities. It further provided a helpline number in case anyone had a mule account, which was used to facilitate illegal activities like money laundering. "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," the agency added as per a Times Now report.
(The above story first appeared on LatestLY on Aug 29, 2024 05:11 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).