Raghunandan Sharma was arrested from Hoshiarpur district, police said.
Sharma had taken Rs 7.50 lakh from complainant Lakhwinder Singh seven years ago and promised him job in merchant navy, SSP Rakesh Kaushal said.
On the basis of Singh's complaint, an FIR was registered against Sharma, he said.
However, Raghunandan remained untraceable for seven years and today he has been arrested, police said.
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