Four persons, including a banking correspondent of Yes Bank, were arrested for running a bogus bank, fraudulently tweaking the name of Yes Bank here. It was detected after officials of Yes Bank, Salem were alerted to the functioning of this fraudulent bank. Based on the alert, manager of Yes Bank, Salem, Sasikumar had visited the 'bank'. The bogus bank was found using deposit slips, pass books with the logo of Yes Bank. Inquiry revealed that Mr. Somasundaram was trained as banking correspondent for Yes Bank and was currently under the service of the bank.

Source: The Hindu September 05, 2016 14:26 UTC