Jakarta. The National Police's Criminal Investigation Unit, or Bareskrim, has arrested businessman Harry Suganda on bank fraud charges.

Harry, a former banker and owner of Rockit Adelway construction materials firm, had deceived a number of banks to get Rp 836 billion ($62.53 million) in loans.

According to Bareskrim's economy and special crimes director Brig. Gen. Agung Setya, Harry has admitted to having secured the loans with fake documents.

At least seven banks fell prey to his scheme.

"We are investigating the case after four banks had filed reports to us. State-owned banks lost Rp 398 billion, while private ones 438 billion," Agung told reporters on Thursday (09/03).

Agung added that another banker, identified only as D., is also involved in the case. He allegedly received Rp 700 million in kickbacks to approve Harry's loan proposals.

To obtain the loans, between March and December 2015, Harry used fake contracts for stone procurement that involved 10 companies.

The case was revealed after the banks classified the loans as non-performing.

The seven banks were Bank Mandiri, Bank Muamalat, Bank Negara Indonesia, HSBC, Commonwealth, UOB and QNB.

Harry can face up to 15 years in prison, if convicted.