The accused used to change his name and prepare fake documents to approach banks for availing loans for various purposes, Kasarwadavali police station's senior inspector Datta Dhole said today.
The police registered an FIR yesterday on the directions of a local court, after a Thane-based branch of a nationalised bank approached it, he said, adding that a search was on for the man.
According to the FIR, the accused had taken a car loan of Rs 49.76 lakh in December 2014, a housing loan of Rs 1.16 crore in January 2015 and a personal loan of Rs 50 lakh in March 2015 from the bank.
He made a part payment of the loan amounts and then defaulted, Mr Dhole said.
The man had also allegedly cheated other nationalised banks earlier with the same modus operandi and the cases against him were being probed by a leading investigation agency, he said.
The accused was booked under various IPC sections for cheating, criminal breach of trust and forgery, the police added.