Mumbai:
Eleven persons, including a loan processing officer of the State Bank of India (SBI), have been arrested for allegedly cheating the bank to the tune of Rs 2.21 crore by obtaining loans after submitting fake documents, police said on Thursday.
According to police, the accused had managed to get loan sanctions on 21 fake applications from the bank's four branches at Khar, Santacruz, Opera House and Churchgate over a period of time for buying vehicles.
The bank had approved vehicle loan between Rs seven to Rs 12 lakh to each applicant, police said adding all the accused were nabbed in the last few days.