Atleast 22 people have been booked for cheating after they defrauded a nationalised bank of Rs. 2.30 crore, police said.
PI Sanjay Patil of Shil-Daighar police station in Thane told PTI that the alleged accused connived and took loan from the bank for purchasing a SUV but never bought it nor did they pay back the amount.
The transaction had taken place between November 2011 and October 2012 and based on a complaint by the banker, police carried out investigations and registered the offence on Thursday.
Police said that all the accused were residents of Navi Mumbai in the district.
Offences under section 420 rw 34 of the IPC nave been registered against the accused. However, no arrest has been made so far in the case.