A former finance company executive, accused of a Rs.1.5-crore fraud, has been arrested, Delhi Police said Sunday.
Vishwanath Tantri, 48, was held in Bangalore Wednesday based on a complaint by Maharishi Housing Development Finance Corporation (MHDFC).
He allegedly duped the company by extending loans to many non-existent people, said Sandeep Goel, joint commissioner of police, Economic Offences Wing.
Tantri had been declared a proclaimed offender.
From 1997 to 2005, Tantri, who was manager of MHDFC's Bangalore branch, allegedly gave loans to a large number of people but later it was found that the properties against which the loans were granted were non-existent and the guarantors untraceable, said the police officer.
After an internal probe, MHDFC registered 36 first information reports in 2006 and subsequently all cases were transferred to the Economic Offences Wing in 2009, said the officer.