Twenty-eight borrowers allegedly cheated State Bank of India (SBI) to the tune of more than Rs 83 lakh over a period of four years in Raigad district of Maharashtra by availing loans on the basis of fictitious documents, police said on Wednesday.
All the 28 persons fraudulently availed loans from the bank's Shreebag branch in Alibag town by submitting fictitious papers, said Alibag police station sub-inspector Om Prakash Kavle.
Internal inquiry reveals fraud
The fraud occurred between March 2018 and September 2022 during which the public sector lender sanctioned individual loan proposals amounting to Rs 83.19 lakh, he said.
Bank authorities came to know about the fraud when an internal inquiry revealed there had been no repayment of these loans, Kavle said.
An offence has been registered against the accused persons at the Alibag police station under Indian Penal Code (IPC) sections related to cheating and forgery, among others, he said.
