The case against Gupta was registered at Ladhowal Police Station.
"Gold Souk Group MD Amit Gupta has been arrested," Deputy Commissioner of Police (DCP) Nimble Dhumle said.
Sixty investors, in a joint complaint, had alleged they were not allotted commercial site as promised by the company in a real estate project.
The accused was booked under charges of cheating and criminal conspiracy, police added.
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