The accused Gowri Shankar Gupta was arrested here last night by the Central Crime Station, a wing of Hyderabad police, which investigated the case, following a complaint by the Hyderabad Metropolitan Development Authority (HMDA) in March this year, they said.
During the investigation, it was found that Gupta was the kingpin of the fraud and that he used the letter-head of DLF Building India Ltd for applying allotment of 25 acres of land at Kukatpally here after illegally signing the documents as the authorised signatory of DLF, police said.
"Later, he forged other documents and fraudulently acquired 24.3 acres of land, for which, he himself paid the registration fee," they said.
The matter came to light only after DLF SBPL Developers Ltd, a subsidiary of DLF Ltd, informed the HMDA that nobody was authorised by them to apply for such a land, they added.
Gupta, with assistance from his employees, used the flag name of DLF Ltd for obtaining government land at concessional rate, Deputy Commissioner of Police (Detective Department) P J Victor said.
At the time of inquiry, Gupta complained of chest-pain and giddiness following which he was shifted to a private hospital where he is undergoing treatment, Victor said.
Police had earlier registered another case against Gupta, after DLF Universal Ltd accused him and his 10 other business partners of duping it of Rs 280 crore under the pretext of beginning joint business ventures in the real estate sector.