Thane, Jan 22 (PTI) The Navi Mumbai police have arrested four persons, including a suspended postmaster, for allegedly procuring loans from banks using fake certificates of postal saving schemes, an official said on Friday.

Based on a tip-off, the police on Wednesday laid a trap at HDFC bank in Panvel and nabbed two of the accused, who came there with two fake Kisan Vikap Patras (KVP) and seven National Savings Certificates (NSCs), deputy commissioner of police zone-II Shivraj Patil said.

Further probe and interrogation led to the arrest of two more accused in the case, the official said.

An offence under sections 420 (cheating) among other provisions of the IPC has been registered against them with the Panvel town police station, it was stated.

The accused have been identified as Babarao Ganeshrao Chavan from Nanded, Kharghar residents Suprabhat Mallaprasad Singh and Sanjaykumar Ayodya Prasad and Dinesh Ranganath Upade of Mumbai.

According to the police, Chavan was a suspended postmaster who had knowledge of savings certificates and he allegedly prepared fake documents with the help of the other three accused and used these to get loans from banks.

The police have seized certificates and cars totally valued at over Rs 5 crore, an official said, adding that further probe is underway to see if there are other persons involved in the fraud.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)