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The CEO was booked yesterday under IPC sections related to cheating and forgery, among others, on the basis of a complaint filed by the bank customer, a businessman based in Ulhasnagar town, they said.
According to police, the complainant had overdraft facility with the co-operative bank to the tune of Rs 6 crore. He had also pledged his property documents with the bank.
The CEO allegedly misused these documents and tampered with the businessman's account to fraudulently sanction Rs 25.60 crore under overdraft facility to 16 companies, police said.
The fraud was going on since March 2015, but came to light recently, they said, adding no arrest has been made so far.
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