Man Detained For Running Fake Bank In Chennai

After receiving a report from the assistant general manager of the Reserve Bank of India, the police took action. The culprit, identified as Chandrabose by the police, allegedly cheated numerous people by operating a fictitious bank called the Rural and Agricultural Farmer's Cooperative Bank in nine locations throughout Tamil Nadu.

The defendants claimed that the bank was an RBI-authorized organisation while collecting unauthorised deposits from the general public ranging from Rs 2 lakh to Rs 7 lakh.

According to the authorities, Chandrabose had created phoney bank documents, debit cards, forms, etc. Additionally, he provided loan, fixed deposit, and recurring deposit services. The interest rates on the loans, however, were greater than those set by the RBI.

However, atthe bank's headquarters at VGN Brent Park, Ambattur, the police searched and found incriminating papers as well as a high-end vehicle. Chandrabose was taken into prison by authorities on November 5 and later released. According to the police, they have taken back Rs 56.6 lakh from the offenders.