The accused Sushil Kumar was arrested yesterday after the victim Bhanu Pratap raised an alarm, said DCP (East) Rishi Pal Singh.
Pratap, who works as a policy agent, was called by the accused near Kashmere Gate monastery on the pretext of providing him good business, added the officer.
"Sushil made Pratap board a car and they were later joined by the former's friends. They abducted Pratap and snatched his mobile phones," said the officer adding that one of the accused introduced himself as a sub-inspector and threatened to implicate Pratap in a cheating case if he didn't pay them Rs 1,15,000.
They took him to a jewellery shop to buy a gold ring of Rs 47,000 but there the complainant raised an alarm, leading to Sushil being arrested. However, his accomplices managed to flee from the spot, he added.