DH Latest NewsDH NEWSTamil NaduLatest NewsNEWSIndiaBusiness

A man was detained for operating fraudulent banks in Chennai and other parts of Tamil Nadu.

Officers from the crime branch and Chennai municipal police detained a guy for operating false banks in Chennai and eight other cities in Tamil Nadu. Police teams began looking into the ‘Rural and Agricultural Farmers’ Co-Operative Bank,’ which is run by 42-year-old Chandrabose, after receiving a warning from the Reserve Bank of India.

With its main office in Chennai’s Ambattur, the RAFC bank had branches in Madurai, Salem, Erode, Namakkal, Kallakurichi, Perambalur, Viruthachalam, and Thiruvannamalai.

When authorities searched the headquarters, they discovered that Chandrabose had been managing the bank while registering it as a cooperative society and using fictitious documents that stated RAFC was under RBI regulation.

He obtained ICICI bank cards, set up RAFC as a cooperative society, activated the cards using the depositors’ KYC information, and distributed the cards to the depositors.

The Commissioner of Chennai City Police announced that Rs 56 lakh has been frozen. ‘He produced ICICI credit cards with an RAFC logo and changed the name on them. The main suspect has been taken into custody, and we are investigating the other participants. They have faked RBI-related documents. According to Shankar Jiwal, the RAFC has also offered a gold lending programme, fixed deposits, weekly loans, personal loans, and daily loans.’

He went on to say that the RAFC has completed transactions totaling roughly Rs 2 crore. Chandrabose, the prime suspect, has been taken into custody.

More investigation is being done.


Post Your Comments

Back to top button