"Either deposit Rs 57 lakh with the Registrar of the Delhi High Court within four weeks or get ready to face the consequences (of arrest)," Justice Pratibha Rani said.
Refusing to grant any relief to accused Yashwant Singh, the court rejected his plea that the dispute was of "civil nature" and criminal law had been set in motion just because the complainant was an embassy.
"Are you ready to deposit Rs 57 lakh or not ? Answer in yes or no," the court said while clarifying that the accused will not be arrested for the next four weeks if the amount is paid.
Disposing of the accused' anticipatory bail plea, it also said that the consequences would follow if the order to pay is not complied with.
During the hearing, the Delhi Police said it has sent a letters rogatory to the US to verify if the accused was authorised or not by an NRI citizen, who was owner of the property, to let out the premises to the Korean mission.
Earlier, a first secretary in the embassy had lodged an FIR under section 420 (cheating) of the IPC against Singh, an alleged property dealer, saying he had promised to rent a four-storey building in south Delhi's Greater Kailash area to the mission.
However, the premises were already let out to another tenant, the FIR, lodged on December 30, last year, had said.