State Bank of India, SBI

A man stands outside a State Bank of India branch in GurugramIANS

In one of the most bizarre incidences in banking frauds, the Tamil Nadu Police has arrested three people for running a duplicate branch of State Bank of India (SBI). The fraud took place in Cuddalore district of Tamil Nadu where a fake branch was being operated by three people. Shockingly, one of the three arrested accused is the son of former bank employees.

As per a report published in the Business Standard, the main accused Kamal Babu, an unemployed youth whose parents were former bank employees. The father of the accused died 10 years ago who was also a banker along with her wife who retired from a bank two years ago.

State Bank of India

Reuters

The other two arrested were a man who ran a printing press from where all receipts, invoices, and other documents were printed. The second printing was involved printing rubber stamps. The branch which started operating three months ago came under scrutiny when an SBI customer noticed in Panruti and complained about it with his branch manager. The issue was raised with the Zonal office which informed the Branch Manager that there are only two branches in Panruti.

When the SBI officials visited the duplicate branch they were shocked to see the entire set exactly looking like a genuine SBI bank branch. After receiving a complaint from SBI officials, the police raided the branch and arrested three people. Police further said that luckily there was no transaction took place and no money were lost. All three accused have been presented in the court.