44-Year Old Man Launched Fake Bank With Fake Debit Cards, Fake Branches Across 9 Cities; Arrested With Rs 56 Lakh

Last week, a 44 year-old man has been arrested in Chennai by the Central Crime Branch (CCB) of the Greater Chennai Police for running a fake bank in Chennai and other places in Tamil Nadu, the police informed Tuesday.

Accused Ran a Fake, called it “RBI-authorized entity”

The action was taken post the complaint from the assistant general manager of the Reserve Bank of India and an action was initiated after that by the police. As per the police, the accused, identified as Chandrabose, defrauded several people by running a fake bank called Rural and Agricultural Farmer’s Cooperative Bank (RAFC) at nine places in Tamil Nadu.

Claiming his bank to be an RBI-authorized entity, the accused had collected unauthorized deposits from the public ranging from Rs 2 lakh to Rs 7 lakh. 

Chandrabose had generated fake bank documents, debit cards, forms, etc, the police said. He also offered fixed deposit, recurring deposit and loan services. However, the loans were doled out at a higher rate of interest than what has been fixed by the RBI.

56.6 Lakh, Luxury Cars, Documents Seized

Incriminating documents and a luxury car was seized after a search was conducted by police at the bank’s head office in VGN Brent Park, Ambattur.

Chandrabose was arrested on November 5 and later remanded to judicial custody. The police said they have recovered Rs 56.6 lakh from the accused.

Chennai City Police Commissioner Shankar Jiwal, who appreciated the team involved that arrested the accused, urged the public to stay alert and seek the help of the police and not fall prey to any fake network.