In a shocking piece of news, the Chennai city police have arrested 42-year-old Chandrabose on the startling accusation of running a fake bank for over a year. During this term, he installed nine branches across the state and showcased the bank as if it was registered and regulated by the Reserve Bank of India (RBI). The development has displayed the prevalence of growing financial menaces, in line with the fake loan apps, and alarmed the general public before pursuing such institutions.
According to reports, Chandrabose is a resident of Thousand Lights in Chennai and he is an MBA graduate, having been studied in the United Kingdom. He established a bank under the name of ‘Rural Agricultural Farmers’ Co-Operative (RAFC) Bank. He operated the bank from Ambattur and eight other places across Tamil Nadu.
Chandrabose’s bank operations were similar to those of prominent banks which could have imparted a belief to the general public to open accounts and invest money in RAFC bank. After arresting him for running a fake bank, Chennai Police Commissioner Shankar Jiwal said that Chandrabose has fabricated the bank certificate and claimed it was conferred by the RBI and he opened nine branches across the state.
Besides functioning in Ambattur, Chennai, RAFC was operating its branches in Tiruvannamalai, Salem, Erode, Namakkal, Kallakurichi, Vriddhachalam, Perambalur, and Thirumangalam in Madurai. Under the name of the Cooperative bank, the bank would collect Rs 700 as a…
