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.

READ MORE: Enhanced Risk For Severe Weather Across Philadelphia Region Monday Afternoon

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.

READ MORE: All Eyes On Pennsylvania Primary As Tuesday's Election Day Approaches

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.


MORE NEWS: Police: 14-Year-Old Boy Shot In Leg In Philadelphia's Haddington Neighborhood