K Venkata Rama Vidya Sagar, managing director of V M Coalogix which deals in minerals, cheated another company, Gimpex Ltd, during 2011-2012, a police release said today.
Gimpex had sold imported coal to Vidya Sagar, who allegedly resold it but did not pay the full amount which was due to Gimpex.
He was absconding since 2014 after a case of cheating was registered against him.
Officers of Hyderabad Central Crime Station arrested him in Mumbai yesterday and brought him here. Further probe is on.
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