Key Points
- The SBI branch manager and a bunch of others got arrested for a Rs 175 crore scam.
- They used “mule accounts” to move big sums of money and launder it.
- Lots of suspicious activity was spotted over two months, leading to arrests and public warnings.
- Law enforcement and the Cybersecurity Bureau worked together on this case.
Looma News
In a big news flash, Hyderabad’s SBI branch has been caught up in a giant Rs 175 crore fraud. The whole thing came to light when investigators saw some shady transactions at the Shamsheer Gunj branch. The branch manager, Madhu Babu Gali, and a gym trainer, Upadhya Sandeep Sharma, are among those who got nabbed.
The scammers got people to open accounts by promising them commissions, then used these “mule accounts” to shuffle money around through cybercrimes and hawala operations. They even managed to send some cash to Dubai via cryptocurrency. Authorities found about 600 complaints tied to these accounts, showing a lot of misuse.
The bust, led by Deputy SPs Hari Krishna and KVM Prasad, has already led to major arrests, including key figures Mohammed Shoeb Tauqeer and Mahmood Bin Ahmed Bawazir. This whole mess highlights why it’s so important to stay alert and keep things transparent in banking. Everyone’s being urged to stay cautious and report any suspicious activity to help stop this from happening again.
