In Chennai and in eight other locations across Tamil Nadu ,city police and crime branch have arrested a person. The reason is he’s running fake banks in Chennai. The accused is a 42 year-old man , Chandrabose . Police investigated ‘Rural and Agricultural Farmers’ Co-Operative Bank’ run by him. Reserve Bank of India, had sent an alert to the police. RAFC bank’s headquarters is in Chennai , Ambattur. It was operated in other locations like Madurai, Salem, Erode, Namakkal, Kallakurichi, Perambalur, Viruthachalam and Thiruvannamalai . Police officials enquired at Chennai Head Office and found out the truth. Chandrabose had used fake documents which claimed RAFC was regulated by RBI while registering it as a cooperative society. It’s with these fake documents he had been running the bank. The accused had ICICI bank prepaid cards with him. Further he registered RAFC as a Co-Operative society. He handed over the bank pre-paid cards to the depositors simultaneously and their KYC details were being activated . Rs.56 lakh has been frozen. This was revealed by the Police Commissioner of Chennai. “He changed the name on ICICI credit cards and issued it as a RAFC card. We’ve arrested the main guy and we are looking into others who were involved. They’ve forged RBI-related certificates. RAFC has also issued a gold loan scheme, fixed deposit, weekly loan, personal loan and daily loan,” stated Shankar Jiwal. Transactions amounting to Rs.2 crore has been done in the RAFC accounts.