The arrested were three officials of Central Bank of India (CBI)and one each of SBI and UCO bank who had allegedly embezzled the money for distribution of loans to KCC holdres on the basis of fake documents, superintendent of police Shivdeep Lande said.
They had committed irregularities during their posting in Araria district, he said.
The five included Ramshankar Jaiswal, CBI's branch manager of Amdabad in Katihar), Chandreshwar Kumar Sinha the bank's manager of Kursela branch also in Katihar and Shambhunath Jha branch manager at Palasi, Araria). The other two are UCO Bank's head cashier Manoranjan Singh and SBI head cashier Subrat Kumar, the police added.