The accused - Joncy Koshey and Mukund Mishra - had from November 2011 till date taken loans worth Rs 1.30 crore from the Naupada branch of the bank in Thane for purchase of 27 cars, assistant police inspector Ashok Kadlag said.
For taking the loan, they had presented RC books and requisite documents, which were verified by the bank and the loan amount was disbursed.
While the duo made regular repayment of loan instalments for a couple of months, they stopped paying after that, which made the bank suspicious about them.
A thorough probe then revealed that the documents presented by the duo to obtain the loan were fake, police said.
Subsequently, the bank lodged a complaint with Naupada police who last night booked the accused under sections 420 (cheating), 467 (forgery of valuable security), 468 (forgery for purpose of cheating) and others of the IPC and launched a search to nab them, police added.
