16 booked for cheating co-operative bank of Rs 3 crore

Sixteen people, including five couples, were booked for allegedly cheating a co-operative bank to the tune of Rs 3.05 crore here, police said on Friday.

The accused obtained loans from a branch of the bank in Vasai using fake documents, Palghar police PRO Hemant Katkar said.

After obtaining loans of Rs Rs 3.05 crore, they stopped their repayment, he said, adding the crime took place between February and November 2016.

According to a complaint by the bank manager, these 16 people and some others concealed information about loans already taken from other financial institutions and mortgaged the same properties with the co-operative bank.

To obtain fresh loans, they fabricated various documents like a letter from the deputy registrar and society permission, according to the complaint.

All the 16 people, including five couples, were booked under IPC section related to cheating, forgery and criminal conspiracy, among others, the police said.

No arrest has been made so far, they added.