Mumbai: The Kandivali police is on the lookout for three persons who duped a reputed bank in Kandivali (west) of Rs 16.34 crore. The absconding accused took out a loan from a reputed bank in 2011 on the condition that they would repay it within the stipulated time, September 2016, but failed to do so.

According to police sources, the incident took place in 2016, when the three accused were supposed to pay the principal amount of Rs 16.34 crore, with an interest of Rs 1.85 crore included. The three accused, whose names were not revealed by the police, had drawn a loan on an average interest rate of 7.6 per cent. Despite the bank sending show cause notices and letters at the mentioned addresses, neither did the trio show up, nor did they arrange the money amounting to Rs 5 crore.

Speaking to The Asian Age, the case’s investigating officer, inspector Tukaram Jadhav of Kandivali police station, confirmed the development and said, “The trio has been absconding since 2016, and we have registered a case of cheating against them.”

The cops had sent teams to Nagpur but to no avail.