Hyderabad:  A businessman was arrested by CBI for allegedly cheating the SBI main branch to the tune of about Rs 62 crore by submitting "fake and forged"  documents to avail gold loan.

Sanjay Kumar, who owns a jewellery shop, availed the loan for buying 250 kg gold from SBI by furnishing fake documents of another nationalised bank as security during March and April last year, according to FIR registered by the Bank Securities and Fraud Cell of CBI Bangalore branch.

After the bank guarantee documents were submitted, SBI officials sanctioned the credit facility to Sanjay Kumar to  purchase gold which he obtained thrice under the 'Metal Gold Loan Scheme', a senior CBI counsel said adding as he suffered losses, he did not make the repayment.

Along with Sanjay Kumar, the CBI officials have named five others in the case and charged them under various sections of IPC.

Sanjay Kumar was today produced before the special court for CBI cases which remanded him in judicial custody.

CBI will file a petition in the court tomorrow seeking 14 days police custody of the accused, the CBI counsel added.

Tags: Andhra Pradesh, businessman, CBI, Hyderabad, Sanjay Kumar, South