CHENNAI: The city police's Central Crime Branch (CCB) arrested two women for cheating the State Bank of India (SBI) of Rs 7.1 crore by availing a combo home loan, submitting forged documents.

The arrested women were identified as V Saraswathi (46) of Perambur and A Jemila Begum (49) of BV Colony, Vyasarpadi.

The bank fraud investigation wing of the CCB registered a case and began investigations based on a complaint from the authorities of SBI's RACPC (Retail Assets Central Processing Centre) in August this year.

According to the complaint, the accused women had submitted forged documents to avail a "combo home loan" of Rs 7.1 crore and defaulted on repaying the loan.

The police investigations revealed that after the loan was sanctioned, the accused women had shared the amount among themselves.

The arrested persons have been produced before a magistrate and remanded in judicial custody.

Further investigations are under way to secure the associates of the women and the fraudsters who helped forge property and other documents to secure a bank loan. "We are investigating to find if their family members were part of the fraud and will take necessary action accordingly," a police officer said.