Varun Datta, 23, had submitted a representation to the bank to avail loan for importing high-end luxury cars, but neither the Bentley nor the Lamborghini for which loans were taken, were imported, police said.
The bank registered a case with Delhi Police alleging that Varun and his father Sanjeev Datta had made a representation to the bank's Vasant Vihar branch for availing loan to purchase imported high-end cars.
However, the accused did not repay the outstanding sum to the bank nor produced the vehicles for examination and it was later found that the documents submitted by them were forged, they said.
Police said the cars were not imported and the accused had submitted fake Custom clearance bills to the bank.
The accused also managed to obtain a VIP registration number from Haryana's transport authority, for the vehicles that were not even imported, they said.
Two employees of the bank -- one of a Direct Selling Agent (DSA) and another a Regional Sales Manager -- who are accused of facilitating the obtaining of bogus loans have also been arrested.
Police said the investigations revealed several malpractices and flaws on the part of the bank in the process of granting such loans, and the role of Varun's father is being investigated.