Is prosecution sanction required under CRPC197 for bank employee

I was working with state bank of india(erstwhile State Bank of Mysore) till 2012,my services was terminated by way of removable for service after completion disciplinary proceeding. Now my question is ,in the year 2005 to 2008 I was branch manager of a branch at kolkata during my time I have sanctioned various loans ,some of which turned out to be NPA in thebooks of the bank, some borrowers/guarantors has submitted fake/defective title deed,now the bank has lodged FIR against the borrower/guarantor after a lapse of almost 11 years,without any allegation against me in the FIR(IPC 406,419,420,468,471&34),the police asked me to appear before them for inquiry ,which I did,on my arrival to the police station I was arrested and enlarged on bail after 60 days, though I was not named in the FIR lodged by the bank.My question is can police arrest me like this ,more particularly when the bank has not named me in the FIR nor any allegation against me,when the bank has lodged the FIR the IPC alleged by the police in the FIR is for the borrower/guarantor ,can the police arrest me on the same ipc alleged against the borrower/guarantor,none of the alleged person named in the FIR hss been arrested. What is the recourse available to me to get my name discharged from the case second I am entitled to get protection under Crpc 197.