Shekhar Ganguly, who resides in Mathura, was apprehended from Connaught Place yesterday, S B S Tyagi, Deputy Commissioner of Police (New Delhi), said today.
The arrest came following a complaint by Dilip Pandit Patil that he was cheated by Ganguly.
Patil and his friends came to Delhi in December 2010 and met Ganguly who allegedly promised them jobs in Indian Railways and collected Rs 300 each as registration fees.
Later on, Ganguly allegedly called the complainant and demanded Rs 50,000 from each of them for the job.
"After that, the accused did not respond to the phone calls of the victims. The complainant then realised that they had been cheated and contacted the local police," Tyagi said.
A raid was conducted at his residence in Mathura and police allegedly recovered 10 packets of letter heads.