Hyderabad: In a major crackdown, the Cyber Security Bureau officials have arrested Madhu Babu Gali, the Branch Manager of the State Bank of India’s (SBI) Shamsheergunj Branch, along with a gym trainer, Upadhya Sandeep Sharma, for their involvement in a massive Rs 175 crore fraud. The arrests were made following a Suo motto complaint, and a case has been registered under Cr. No. 28/2024 u/s 66D of the IT Act and sections 318(4), 319(2), and 338 of the BNS Act.
According to the Cyber Security Bureau, the Branch Manager colluded with fraudsters to open mule accounts and facilitated unauthorized withdrawals and fund diversions, all in exchange for hefty commissions. The operation was executed by Dy. S.P.s Hari Krishna and K.V.M. Prasad under the supervision of SP Sri Devender Singh, with active participation from inspectors and constables.
Authorities have warned the public against opening bank accounts for others and engaging in suspicious transactions. The Cyber Security Bureau urges anyone with a mule account to report it immediately by dialing 1930 or visiting cybercrime.gov.in. The Reserve Bank of India (RBI) recently emphasized the need for banks to intensify measures against mule accounts, which have become a significant concern due to their use in money laundering and other illicit activities.
