Chennai (The Hawk): An investigation into a 44-year-old con artist who formed his own bank and robbed multiple people has been begun by the Crime Branch of Tamil Nadu police's Bank Fraud Investigation Wing.
Following Chandrabose's arrest, a high-end vehicle and Rs 56 lakh in cash were found in his possession. Police claimed that Chandrabose was not acting alone, and that several of his comrades had fled the scene. They are being sought after by the crime section special investigation team.
Chandrabose allegedly established his own Rural and Agricultural Farmers Cooperative Bank without a licence, according to Tamil Nadu authorities. In different regions of the state, he established nine branches where he took donations from customers.
In addition to two branches in Chennai city, it opened branches in Madurai, Virudachalam, Kallakurichi, Namakkal, Perambalur, Erode, and Salem.
When the Reserve Bank of India (RBI) informed the police that a bank was being run in Ambattur without a licence, the Chennai municipal police launched an investigation into the operation of the RAFC bank.
The Reserve Bank of India's Assistant General Manager (AGM) also filed an official complaint, on the basis of which the municipal crime section began an inquiry.
The bank's business model, according to the police, was to charge consumers a membership fee of Rs. 700 before giving them credit or debit cards with a Rs. 500 balance and giving their card numbers as their bank account numbers.
The investigative team determined that the bank was doing ordinary business by accepting deposits and disbursing loans. Depositors received higher interest rates, and clients could readily obtain loans.
(Inputs from Agencies)
