Police said accused Pushpender Khatri, 50, of Trinagar was arrested following a tip-off near Pearl Height Tower in Netaji Subhash Place. His co-accused are still at large, police said.
Police seized Rs 3,51,70,000 in demonetised Rs 500 and Rs 1,000 from his possession which he conned from three businessman.
Complainant Kapil Mehta met Khatri through his associates Krishan Prakash, Neeraj Garg, Manzar Alam, Hemant Mishra and Subhash Singha on November 11 and was told that they had good contacts in banks and could easily deposit his demonetised currency in the Punjab National Bank in Delhi, police said.
"Mehta gave Rs 2 crore to Khatri but later found his phone switched off. He filed a police complaint," Deputy Commissioner of Police Milind Mahadeo Dumbere told IANS.
Khatri kept the cash taken from three businessmen in various locations in Gurgaon, Dwarka and Lodhi Colony. "We are interrogating him to ascertain his crimes," Dumbere said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)