CHENNAI: Four persons of the same family - two siblings and their wives were arrested by the Central Crime Branch (CCB) of the city police for allegedly defrauding a bank by obtaining Rs 7 crore loan using forged property documents.

City Police initiated investigations based on a complaint from the Manager of City Union Bank. The accused runs a jewellery shop- Kamadhenu at Avadi, police said. The family got a business loan of Rs 7 crore from the bank by submitting forged property documents and failed to repay the loan amount.

Investigations by the Bank Fraud Investigation Wing (BFIW) revealed that they took a loan by pledging a 3,474 sq.ft of vacant land located at Vilinjambakkam in Avadi with the intention of deceiving the said bank by concealing the fact that a civil case is pending on this property in the Poonamallee Civil Court.

Police arrested V Vinoth Sharma (47), his brother, V Vivek Sharma (41) and their wives, Sharmila Sharma (42) and Sapna Sharma (36) on Monday. All four persons were produced before a magistrate and remanded in judicial custody.