Twenty-eight borrowers allegedly cheated State Bank of India (SBI) to the tune of more than Rs 83 lakh over a period of four years in Raigad district by availing loans on the basis of fictitious documents, the police said on Wednesday.

All the 28 people fraudulently availed loans from the bank’s Shreebag branch in Alibaug town by submitting fictitious papers, said Alibaug police station sub-inspector Om Prakash Kavle.