The accused was arrested from his house at Gomti Nagar Extension in Lucknow.
A 36-year-old man, known as 'Builder Baba', who had been declared a proclaimed offender in a case pertaining to cheating of Rs 11.5 crore, has been arrested, police said on Monday.
Sachin Dutta alias Sachidanand Giri had been declared a proclaimed offender in a case registered with Economic Offence Wing (EOW) of the Delhi Police. He was arrested from his house at Lucknow in Uttar Pradesh, said A K Singla, DCP (Northeast).
Narendra Barmecha, a resident of Anand Vihar area in Delhi, had filed a complaint in which he alleged that he had been duped by the accused.
He said that he had invested in a firm Balaji Constructions owned by Dutta and his associates.
As per the complaint, the victim invested in the firm and later on in 2014, when he retired from the partnership, he was offered a sum of Rs 11.5 crores, that was never paid to him, said the officer.
Efforts were made to trace Dutta, but he was found absconding. He was declared a proclaimed offender in 2016 by Karkardooma court.
On the basis of a tip-off, the accused was arrested from his house at Gomti Nagar Extension in Lucknow, police said.
During interrogation, Dutta apparently disclosed that his family was into construction business and his real estate firm Balaji Constructions had developed Balaji Residency in Indirapuram and Foster Heights, a 14-storey apartment in Ghaziabad.
He also owned a disco-cum-bar called 'Quantum the Leap' in Centrestage Mall in Noida.
In 2015, a case of fraud had been registered at Sector 58, Noida against Dutta and seven others for allegedly mortgaging sold flats in an Indirapuram housing society to obtain bank loans. The case was subsequently transferred to the Indirapuram police station and the accused declared a proclaimed offender.
"It has also been found that Dutta has business dealings with Ponty Chaddha and his relatives Ramandeep and Kamaldeep.
All of them have also been found involved in a cheating case registered at Jalandhar, Punjab. The case is under investigation," said Mr Singla.