In a shocking incident, a 40-year-old Chennai man created a bogus bank with eight branches and cheated thousands of people, including his own employees. He was recently arrested by Chennai police.
The prime accused Subash Chandra Bose has created eight branches of his bogus bank across Tamil Nadu including Ambattur, Madurai, Erode, Namakkal, Dindigul, Virudhachalam, Kallakurichi.
Initially, the Chennai Police Commissioner’s office had received a complaint from the Assistant General Manager of Reserve Bank of India (RBI) alleging that a gang was defrauding farmers and business people by establishing a bogus bank on a continual basis.
Based on this, it was discovered during a comprehensive inquiry by the Chennai Central Crime Branch’s bank fraud investigation department that the Rural and Agriculture Farmers Co-operative Bank (RAFC Bank) has been located at Leydon Street in Ambattur near Chennai. When the officials went to inspect it, they discovered that the bank was operating illegally by fabricating a false authorization certificate to make it appear as though it had approval from the Reserve Bank.
Further, the police investigation confirmed that a fake bank functioning with hundreds of workers at eight different sites was founded under the name of Rural and Agricultural Farmers Bank. The prime accused of these bogus bank branches, Subash Chandra Bose, was then nabbed in Chennai’s Thirumullaivoyal neighborhood. The inquiry revealed many startling information.
According to a senior police official, “In eight locations, they have established eight fake bank branches under the guise of the Rural and Agricultural Farmers Bank. They have been defrauding farmers by various fraudulent means of giving loans to the farmers with interest of 6.5 per cent, later actively collecting them. It was also indicated that after locating candidates for the bank, they paid them between Rs 2 lakh and Rs 7 lakh before appointing them as senior executives in each of the eight branches. They then engaged hundreds of workers beneath them and ran the bogus bank. Apparently, the scam was being committed by stealing the public’s deposits and savings, paying high interest on jewellery and taking long-term deposits.”
He further stated that Bose, who studied MBA in London and worked in the banking sector there, moved to Chennai with his experience and established a bogus bank in order to defraud the public and extort money. The accused have done this by purchasing software for bank money transfers, billing machines, passbook machines, and other devices, the officer claimed.
According to police investigations, up to Rs 2 crore has been defrauded from the public, especially in the Ambattur branch alone. The police are aggressively looking into how widespread the scam is at the remaining seven branches. Furthermore, the investigation revealed that for the past one year, fake banks have defrauded in crores and that they had built up websites and social media pages to reach their customers. Additionally, it was disclosed that Chandra Bose increased the number of clients at each bank branch by more than a thousand in a single year. “So far, documents belonging to almost 3,000 customers have been seized,” the official added.
Meanwhile, police are on search for Chandra Bose’s accomplices and other bank executives. Fake passports, fake registration certificates, fake stamp papers, a Benz car and cash of Rs 57 lakh have been seized by the police from accused Chandra Bose and the matter is being actively investigated.
The Chennai Police Commissioner also stated that numerous other arrests may be made in this case and that a sizable sum of money may have been fraudulently obtained.
(With Inputs from Anbarasan)
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