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Chennai: 42YO Man Arrested For Running 'Fake Bank' With Rs 56 Lakh In Deposits & Forged RBI Letter

A luxury car, Rs 56.65 lakh money held in deposits, fake passbooks, deposit forms, debit and credit cards. All these are amongst the things recovered by Chennai police from a 42 year old man who has been arrested for forging RBI permission certificate for running a ¡®fake bank¡¯ in different parts of Tamil Nadu. The 42 year old man has been identified as Chandrabose, who had an MBA degree from the United Kingdom.
Vanya Gautam Updated on Nov 10, 2022, 15:38 IST

A luxury car, Rs 56.65 lakh worth of money held in deposits, fake passbooks, deposit forms, debit and credit cards. All these are amongst the things recovered by Chennai police from a man who has been arrested for forging RBI permission certificate for running a ¡®fake bank¡¯ in different parts of the state.

The man has been identified as Chandrabose, who operated the Rural and Agriculture Farmers' Cooperative Bank (RAFC) in 9 cities?of Tamil Nadu, including Chennai and Erode, as per PTI report.

indianexpress

Complaint From The RBI

Action against him was taken based on a complaint from the assistant general manager at the Reserve Bank of India (RBI), Chennai.

The accused had reportedly collected unauthorised deposits from the public ranging from Rs 2 lakh to Rs 7 lakh and had claimed that the bank is an RBI-authorised entity.

The police conducted a search at the bank¡¯s head office in VGN Brent Park, Ambattur, and seized incriminating documents and a luxury car. Chandrabose was arrested last week on November 5 and later remanded to judicial custody. The police said they have recovered over Rs 56 lakh from the accused.

The arrested man had even procured credit cards of another bank and pasted the sticker of his 'fake bank¡¯ on them and then gave it to customers, the police said, adding that there was no permission from RBI for Chandrabose to run the bank and also that he had forged a permission letter.

42 year old Chandrabose had an MBA degree from the United Kingdom,had been running the fake bank since nearly a year, as per TheHindu report.

Also Read:?UCO & Yes?Bank?Tie Up With Russian?Banks?To Boost Trade

Police Urge Public To Stay Alert

thehindu

"He has some idea of banking.. had prepared passbooks, deposit slips..." Chennai Police Commissioner Shankar Jiwal said, and?urged the public to stay alert and seek the help of the police and not fall prey to any fake network. He also?appreciated the team involved that arrested the accused who was defrauding people.

Also Read:?234 People Arrested In China's Biggest?Bank?Fraud

For the latest and more interesting financial news, keep reading?Indiatimes Worth.?Click here

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