According to sources, the accused, who was who was nabbed from his house located at Navroz Apartments, Shahpore, could be involved in defrauding at least two other banks worth lakhs of rupees.

Five other people are believed to be involved with the accused in cheating the bank, the police said on Sunday.

According to information, the accused was running an electrical spares shop on the Cinema Road and even tried his hand in the textile business before defrauding banks. The gang is alleged to have deposited LIC Mutual Fund receipts, dividend certificates of other companies and cheques belonging to others into their accounts and withdrawing cash from the bank.

According to the police, one Mushtaq Sayyed from Lucknow and Anand Prakash are also alleged be involved in the act along with three people from the city, namely B S Chauhan, Hansaben Dilip Desai and Pratap Rathod.

The police, however, fear that all these names could be fictitious and accounts might have been opened in the names of fake persons. None of the five accused have been arrested as yet. The police are also investigating the possible involvement of bank employees in the case.