Accused Ravi Somani was arrested on January 18 from Delhi while his three associates are wanted in the case, police said.
According to Economic Offence Wing of the Mumbai police, Somani, one of the directors of Utsav Safety Systems, which also deals in HSRPs, allegedly duped Rosmerta Technologies Ltd by getting supplied raw materials such as aluminium sheets, reflective sheets among others to the tune Rs 46 crore on credit basis but never made any payments.
Quoting complainant Pankaj Madan, who is the director of Rosmerta, an EOW official said Somani came in contact with the victim's company in 2009.
Two years later, the accused met the complainant claiming that his company in consortium with another company Link Point Infrastructure Pvt Ltd (LPIL) had bagged contracts of supplying HSRPs in six states including West Bengal, Himanchal Pradesh, Madhya Pradesh and asked the aggrieved company to supply them raw materials for manufacturing HSRPs, which had been done accordingly by Rosmerta.