Shahjahan and his wife Najima Banu, directors of a private company, were held at Andaman on November 19 by a special team, they said.
The case relates to a complaint by a city resident that four directors of the company had received Rs 6 crore from him, promising to build a multi-storeyed apartment. The houses were neither constructed nor the amount was repaid, police said.
Two of the four directors, identified as Khaleel and his wife Shakeela, have already been arrested and the special team received a tip-off that Shahjahan and Banu were hiding in Andaman.