Ravinder Singh Nagar was arrested after the police got a tip-off (Representational)
A 59-year-old man, accused of cheating a Madhya Pradesh resident of Rs 1.3 crore on the pretext of getting him a loan from LIC Housing Finance, was arrested from northwest Delhi's Netaji Subhash Place, police said today.
Ravinder Singh Nagar, a resident of Nangloi in Delhi, was carrying a reward of Rs 25,000 on information leading to his arrest, the police said.
In 2014, Amarjeet Singh Bhalla, a resident of Gwalior in Madhya Pradesh, had registered a complaint at Parliament Street police station alleging he was cheated of Rs 1.3 crore.
"Bhalla, in his complaint, stated that he needed a partner and capital to expand his hospital business in Delhi. Nagar introduced himself as official in Life Insurance Corporation and promised to arrange funds from LIC Housing Finance," said Ajit Kumar Singla, Additional Commissioner of Police (Crime).
Nagar and his associates -- Jaiprakash Sharma and Ravinder Dubey -- met the victim in September 2012 at a club on Parliament Street. They took Rs 55,000 from him as initial application fee, Mr Singla said.
Nagar visited Gwalior three times between October and December 2012.
There he filled four loan application forms of Rs 50 crore, Rs 40 crore, Rs 40 crore and Rs 20 crore and deposited cash Rs 55,000 with each form as application fee.
"Nagar and his associates managed to cheat Bhalla of Rs 1.3 crore on the pretext of arranging loans from LIC Housing Finance. When the victim realised that he had been cheated, he filed a complaint at Parliament Street police station," Mr Singla added.
On Sunday, the Crime Branch apprehended Nagar from Netaji Subhash Place after receiving a tip-off that he would come there to meet someone.
Two other accused in the case -- Chanderkant Soni and Sagar Chandani -- had earlier been arrested.
Nagar was declared a proclaimed offender by a court. Three other accused in the case -- Sanjay Verma, Kiran Shah and Manoj Janolia - are still on the run.