Two persons were arrested by Mumbai Crime Branch for allegedly taking housing and personal loans worth Rs 2.25 crore using forged documents, an official said on Friday.
Mulund-resident Sushant Ayre (29) and Chetan Kawa (36), a resident of Mira Road in neighbouring Thane, were arrested on Thursday on a complaint filed with the Crime Branch's property cell by a private finance firm, he said.
"The firm had said the two accused had taken a personal loan of Rs 4 lakh. Our probe revealed the duo were borrowing money from several banks fraudulently," he said.
"On a specific tip-off, a team led by assistant inspector Laxmikant Salunkhe arrested Ayre and Kawa. They have cheated around a dozen banks in at least 17 cases. During interrogation, it was found the two had taken loans of Rs 2.25 crore," the official said.
They would open bank accounts using fake documents, mismatched photos, misleading addresses and then approach the banks for loans, he said.
"They used to rent flats in areas like Kanjurmarg, Virar, Bhayander, Mira Road etc and created fake documents on these addresses. We suspect the role of some bank employees as well," he said, adding that the two had been remanded in police custody till Thursday.