Reports say the 19-year-old suspect tried to open a branch of the State Bank of India (SBI) at Panruti, Tamil Nadu on Saturday, July 11 but he was nabbed after SBI Panruti branch manager tipped-off the police.
A suspicious customer blew the cover of the criminally minded young man who was even going to erect a signboard to direct the unsuspecting public to the fake bank.
Police inspector K Ambethkar who reportedly confirmed the arrest said the teen calmly told them he was awaiting approval from the financial institution's headquarters in Mumbai.
"He even calmly told us that he awaited approval from Mumbai to open the (SBI) branch and that he was about to put up a signboard," the inspector told Daily News and Analysis (DNA).
Some fake seals, challans of the public sector lender and a cash counting machine were retrieved from the suspect.
A printer and several other individuals involved in the syndicate were also arrested for making challans and fake seals.
The late father and mother of the accused reportedly used to work in the bank, so he had been closely monitoring its operations.
He and his accomplices were arraigned before a magistrate court and released on bail pending further investigation and trial.