"A case has been registered against nine persons under various sections of IPC, but no arrest has been made yet," said sub-inspector DV Jangle of Narpoli police station.
He said the alleged fraud took place in 2012-13.
According to the FIR lodged by the Bank of Baroda with police last night, Sanjay Hulimane, the acting manager of Anjur Phata branch, allegedly sanctioned vehicle loans without following proper procedure and getting approval from the head office.
The dealers allegedly involved in the crime are located in various parts of Navi Mumbai.
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