Mumbai, Sep 30 (PTI): Five persons have been arrested for allegedly obtaining loans fraudulently from two nationalised banks, a Crime Branch official said Saturday.

The five persons were produced in court Saturday and were remanded in police custody till October 3, said Akbar Pathan, deputy commissioner of police, Crime Branch.

According to police, the main accused, identified as Kaushik Kumar Nath (59) had connived with four others to get loans sanctioned from the Indian Bank and the Bank of India over a period of six months.

Nath managed to get a housing loan of Rs 59 lakh and two vehicle loans of Rs 29 lakh and Rs 21 lakh from the Indian Bank while he got a loan of Rs 29 lakh sanctioned from the Bank of India, an official said.

The loans were procured using forged documents and he was assisted in this connection by two sales agents, an income tax official and the owner of a vehicle dealership, the official added.

While Nath was arrested on September 21, the other accused were nabbed thereafter based on his interrogation, the official informed.

Nath is wanted by the CBI and has a similar case registered against his name in Kolkata as well, he said.

Oshiwara police has registered a case under relevant sections of the IPC for cheating, impersonation and other offences, the official said.