The Delhi Police has arrested a former chairman and managing director of a finance ...

The Delhi Police has arrested a former chairman and managing director of a finance company, who had been declared a proclaimed offender by a court in connection with a cheating case, officials said today.

On the basis of a tip-off, the accused, Arvind Tyagi, was arrested from Shakti Khand, Indira Puram last week by the Crime Branch officials, police said.

He was wanted in a cheating case in which he along with his associates had cheated an international real estate consultancy firm of Bangalore of Rs. 51.5 lakh on the pretext of arranging a loan of Rs 10 crore, the police said.

He was declared a Proclaimed Offender by the court in the case on March 15, 2017.

In June 2014, owners of United Estates Bangalore, an international real consultancy firm that works for different MNCs, approached NBFC Sobell Finance Limited, for finance by loan and mortgage of their property in Bangalore, Joint Commissioner of Police (Crime) Alok Kumar said.

Tyagi along with other directors of his company took Rs 51.51 lakh from the Bangalore-based firm on the pretext of processing fees and assured each and every time that their loan had been sanctioned, he added.

Later, the accused fled after closing his office and a case was registered by the Bangalore firm.

The accused Arvind Tyagi is a Bachelor in Science from Uttar Pradesh's Meerut. After finishing his education, he opened a DSA (Direct Selling Agent) and started arranging loans at two per cent processing fees and opened his company office at Barakhamba Road.

He also made his wife Mamta Tyagi and a relative Om Dutt Tyagi, directors of his company. During this period, he earned around Rs 1.5 crore by allegedly luring and cheating general public, the officer said.