Three arrested for Rs 1.2 crore bank loan fraud

A city bank has reported to police that a gang has fraudulently taken multiple house loans from it, which resulted in a loss of Rs 1.2 crore in the last few months.

The bank apparently sanctioned five loans. The police have arrested three members of the gang on Thursday while a few are still at large.

They were produced before the court earlier this week and have been remanded in police custody till June 18.