According to the report published by the Business Standard, Police Inspector Ambethkar confirmed the case and revealed the details as well.
Among the three, the mastermind of this operation is an unemployed youth named Kamal Babu whose parents worked in a bank earlier.
His father had passed away 10 years ago, while two years ago, his mother had retired.
The other two arrested include a person who runs a printing press which enabled them to create documents like receipts, challans and other such paperwork to make the bank appear legitimate and operational.
The third was into printing rubber stamps.
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This fake branch in Panruti had been operating for three months and came under the scanner when an SBI customer spotted it and inquired about it with his Branch manager.
The matter was then taken to the Zonal office, which in turn informed the Branch Manager that there was no third branch there and only two branches had been officially operating in the area.
SBI officials visited the "third" branch and were stunned to see that the entire set up there perfectly resembled their offices with required machines and infrastructure in place.
A complaint was lodged after which the three people have been arrested. The police officials informed that fortunately no transactions had been done there, so no one lost any money. All three have been presented in court.
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