Man arrested in Chennai for opening 'bank' with forged RBI permission

Police in Chennai have arrested a person for forging RBI permission certificate for running a bank in different parts of Tamil Nadu.

Action against the accused, identified as Chandrabose, was taken based on a complaint from the Reserve Bank of India (RBI), PTI reported.

Police said there was no permission from RBI for Chandrabose to run the bank and he had forged a permission letter.


Chandrabose reportedly operated the Rural and Agriculture Farmers' Cooperative Bank (RAFC) in Chennai, Erode and 7 other cities.

Fake passbooks, deposit forms, debit and credit cards among others were reportedly found in his possession.

Police said the accused even even procured credit cards of another bank, pasted his 'bank's' sticker on them, and gave them to customers.

"He has some idea of banking.. had prepared passbooks, deposit slips..." the news agency quoted City Police Commissioner Shankar Jiwal as saying.

A luxury car was recovered from him while Rs 56.65 lakh money held in the fake bank's deposit has been attached.