In a stunning incident, a 40-year-old Chennai man created a bogus financial institution with eight branches and cheated hundreds of individuals, together with his personal staff. He was not too long ago arrested by Chennai police.
The prime accused Subash Chandra Bose has created eight branches of his bogus financial institution throughout Tamil Nadu together with Ambattur, Madurai, Erode, Namakkal, Dindigul, Virudhachalam, Kallakurichi.
Initially, the Chennai Police Commissioner’s workplace had obtained a criticism from the Assistant Normal Supervisor of Reserve Financial institution of India (RBI) alleging {that a} gang was defrauding farmers and enterprise folks by establishing a bogus financial institution on a continuing foundation.
Based mostly on this, it was found throughout a complete inquiry by the Chennai Central Crime Department’s financial institution fraud investigation division that the Rural and Agriculture Farmers Co-operative Financial institution (RAFC Financial institution) has been positioned at Leydon Avenue in Ambattur close to Chennai. When the officers went to examine it, they found that the financial institution was working illegally by fabricating a false authorization certificates to make it seem as if it had approval from the Reserve Financial institution.
Additional, the police investigation confirmed {that a} pretend financial institution functioning with a whole bunch of staff at eight completely different websites was based underneath the identify of Rural and Agricultural Farmers Financial institution. The prime accused of those bogus financial institution branches, Subash Chandra Bose, was then nabbed in Chennai’s Thirumullaivoyal neighborhood. The inquiry revealed many startling info.
In response to a senior police official, “In eight places, they’ve established eight pretend financial institution branches underneath the guise of the Rural and Agricultural Farmers Financial institution. They’ve been defrauding farmers by numerous fraudulent technique of giving loans to the farmers with curiosity of 6.5 per cent, later actively gathering them. It was additionally indicated that after finding candidates for the financial institution, they paid them between Rs 2 lakh and Rs 7 lakh earlier than appointing them as senior executives in every of the eight branches. They then engaged a whole bunch of staff beneath them and ran the bogus financial institution. Apparently, the rip-off was being dedicated by stealing the general public’s deposits and financial savings, paying excessive curiosity on jewelry and taking long-term deposits.”
He additional acknowledged that Bose, who studied MBA in London and labored within the banking sector there, moved to Chennai together with his expertise and established a bogus financial institution with a purpose to defraud the general public and extort cash. The accused have completed this by buying software program for financial institution cash transfers, billing machines, passbook machines, and different units, the officer claimed.
In response to police investigations, as much as Rs 2 crore has been defrauded from the general public, particularly within the Ambattur department alone. The police are aggressively trying into how widespread the rip-off is on the remaining seven branches. Moreover, the investigation revealed that for the previous one yr, pretend banks have defrauded in crores and that they’d constructed up web sites and social media pages to succeed in their clients. Moreover, it was disclosed that Chandra Bose elevated the variety of shoppers at every financial institution department by greater than a thousand in a single yr. “Thus far, paperwork belonging to nearly 3,000 clients have been seized,” the official added.
In the meantime, police are on seek for Chandra Bose’s accomplices and different financial institution executives. Faux passports, pretend registration certificates, pretend stamp papers, a Benz automobile and money 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 additionally acknowledged that quite a few different arrests could also be made on this case and {that a} sizable sum of cash might have been fraudulently obtained.
(With Inputs from Anbarasan)
Learn all of the Latest India News right here
