The Central Crime Branch (CCB) of the Greater Chennai Police arrested a 44-year-old man Saturday last week for running a fake bank in Chennai and other places in Tamil Nadu, the police informed Tuesday.
The police initiated the action following a complaint from the assistant general manager of the Reserve Bank of India. According to 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.
The accused had 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.
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.
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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 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.