The agency said it arrested the Chairman of Deen Dayal Medical and Educational Trust, Thiruvallur, T D Naidu, yesterday on charges of being involved in the "offence of money laundering" based on its separate FIR lodged in 2013.
The case pertains to an alleged bank fraud of Rs 136 crore and cheating of students to the tune of Rs 16 crore by Naidu and others.
"Based on these said FIRs, investigations under the Prevention of Money Laundering Act were initiated and it revealed that CBI bank fraud cell Bangalore has also taken up two more cases against him (Naidu) for cheating Andhra Bank to the tune of over Rs 69 crore and Union Bank of India to the tune of over Rs 66 crore," the ED said in a statement.
"Naidu in his voluntary statement has admitted the fraud but not revealed the properties acquired using the proceeds of crime," it said.
He has now been sent to judicial custody.