29/08/2024 HYDERABAD:
On Monday, the Telangana Cyber Security Bureau (TGCSB) uncovered a Rs 175 crore fraud following an investigation into 600 complaints related to six State Bank of India (SBI) accounts in Shamsheergunj. Police arrested two individuals, Mohammed Shoeb Tauqeer and Mahmood Bin Ahmed Bawazir, while the suspected kingpin of the operation remains on the run in Dubai. The gang reportedly lured poor individuals with promises of commissions in exchange for opening bank accounts, which were then used for cybercrimes and hawala operations. A case has been registered at the Hyderabad Cyber Crime Police Station under Sections 66D of the IT Act and Sections 318(4), 319(2), and 338 of the BNS Act.
Who are the Culprits:
A manager from the State Bank of India (SBI) branch in Hyderabad's Shamsheer Gunj area has been arrested alongside his accomplices for their involvement in a significant Rs 175 crore fraud case. The branch manager, Madhu Babu Gali, 49, is accused of collaborating with a group of fraudsters to embezzle the vast sum from the bank. According to officials at the Cybersecurity Bureau Headquarters in Hyderabad, Gali played a pivotal role by authorising the opening of current accounts, which were then used to withdraw and divert funds. In return for his cooperation, Gali allegedly received substantial commissions.
The scam also involved 34-year-old gym trainer Upadhya Sandeep Sharma, who has been arrested along with Gali. The fraud was uncovered after the Cybersecurity Bureau's data analysis team noticed a surge in complaints on the NCRP portal, specifically concerning six accounts at the Shamsheer Gunj branch. A detailed investigation revealed that these accounts had been used for unusually large transactions within a brief two-month period, from March to April 2024, raising red flags and leading to the discovery of the fraudulent activities. The case has shed light on the vulnerability of financial systems to insider threats and the lengths to which individuals will go to exploit such systems for personal gain.
Around 600 complaints have been linked to these fraudulent accounts. The mastermind behind the scam, operating from Dubai, along with his five associates, manipulated impoverished individuals into opening bank accounts, which were then used for cybercrimes and hawala operations. In return, these individuals received a small commission. On August 24, the Cybersecurity Bureau apprehended two individuals, Mohammed Shoeb Tauqeer and Mahmood Bin Ahmed Bawazir, for their roles in the Rs 175 crore scam. Shoeb was instrumental in the scheme, particularly in opening bank accounts and preparing the necessary documents, according to reports. Once the accounts were established, the signatures of the account holders were obtained on cheques, which were subsequently held by one of the accomplices. Following the withdrawal of funds, as instructed by the main fraudster, a portion of the money was transferred to Dubai via cryptocurrency, further complicating the trail and enabling the continuation of their illicit operations.
This is a developing story.
Inputs by Agencies
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