Police said the accused Ethiraj had allegedly duped one B Arockiaraj and his friends of Rs 56 lakh by promising to secure them loans from foreign banks.
He also did not return the money, following which Arockiaraj lodged complaint to police.
A special team nabbed Ethiraj, at the airport yesterday while trying to flee the country, police said, adding he was later remanded to judicial custody.
Meanwhile, three employees of a popular electronic retailer here have been arrested for allegedly stealing 68 LED TVs from the company godown, police said today.
Muthu was a supervisor employed with the company while Babu was a driver and Balaji a loadman, they said.