By Mark Abrams

HORSHAM, Pa. (CBS) — A loan officer for a Montgomery County, Pa. bank branch has been arrested on charges he submitted false documentation to get millions of dollars in loans for the owners of eight properties.

Satish Suri, 57, of Philadelphia, surrendered to federal authorities on Monday to face charges he got more than $2.3 million in loans on behalf of borrowers for eight properties.

A federal grand jury indictment alleges that Suri, who worked as a loan officer for Sovereign Bank in Horsham, conducted the transactions between 2005 and 2008.

The indictment says one of the transactions involved a federally insured HUD mortagage.

If convicted on all charges, Suri faces a fine of up to $20.5 million and a long prison term for bank fraud.

After an initial court appearance, Suri was released on bail.

The case is being prosecuted by the US attorney’s office in Philadelphia.