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Ever Seen Fake SBI Branch? Three Natwarlals Operate One, Check Out

The trio consisted of a proprietor managing a printing press in Panruti, where all essential banking documents were illicitly produced.

Edited By : Saurav Gupta | Updated: Jan 6, 2024 11:40 IST
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SBI Branch
SBI Branch

In a startling revelation in Panruti, Tamil Nadu, police have detained three individuals involved in a sophisticated operation running a counterfeit SBI branch for a staggering three months.

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Former Bank Employees’ Son at the Helm of Illegal Enterprise

As per Business Standard, Police Inspector Ambhethkar confirmed the arrests, highlighting Kamal Babu as the mastermind behind this fraudulent endeavor. Notably, Babu’s parents had ties to the banking sector, with his father passing away a decade ago and his mother retiring from a bank just two years prior.

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Printing Press and Rubber Stamp Fabrication Fuel Counterfeit Operations

The trio consisted of a proprietor managing a printing press in Panruti, where all essential banking documents were illicitly produced. Moreover, another member specialized in crafting counterfeit rubber stamps, crucial for their deceptive operation.

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Discovery and Unraveling of the Illicit Scheme

Suspicion arose when an alert SBI customer reported an unauthorized branch in Panruti, prompting further investigation. Upon verification, the SBI Zonal office confirmed only two authorized branches in Panruti, raising concerns about the authenticity of the third.

SBI officials, upon inspection, uncovered an intricately replicated facade mimicking a genuine SBI branch, equipped with identical systems and infrastructure. Following this discovery, officials promptly alerted the authorities, leading to the arrest of the three individuals involved in the scheme.

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No Financial Losses Incurred by SBI Due to Operation’s Swift Shutdown

Thankfully, no transactions occurred, averting any potential financial losses for the bank. The swift intervention led to the dismantling of the counterfeit operation before it could inflict any damage.

First published on: Jan 06, 2024 09:54 AM IST

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