Thane police have registered a case against four persons including former officials of Vasantrao Naik Vimukta Jati Vikas Mahamandal for disbursing loans to as many as 122 persons/entities without following the procedure and documentation.
This resulted in a loss of Rs one crore to the exchequer, as per the police.
Nobody has been arrested yet, police spokesperson inspector Sukhada Narkar said.
The loan disbursal racket was operating since 2013, she said.
