Kanwarjeet Singh was apprehended from Mansarovar Garden yesterday on a tip off, V Renganathan, Additional Commissioner of Police (West), said.
A case was registered against Singh following the directions of a local court which had declared him a proclaimed offender a year ago.
According to complainant Nand Lal Yadav, he had loaned Rs 1.40 lakh to Singh but when he demanded the money back, he expressed helplessness.
However, Singh offered to sell his flat in Janakpuri to Yadav after settling at a deal of Rs 5.65 lakh in which the loan amount was to be adjusted.
Yadav paid paid Rs. 3.25 lakh and the remaining Rs one lakh had to be paid later. "Singh handed over the original papers of the property to Yadav. When the complainant went to pay remaining amount of Rs one lakh, Singh was found missing and the flat was also locked. A notice of Rs 8.5 lakh loan repayment of Dena Bank in Gurgoan in the name of accused was pasted on the walls of the flat.
"Yadav then approached the bank and found out that the flat had already been mortgaged to the bank by the accused. Singh had allegedly prepared various fake documents to use the same as genuine in order to cheat other persons," Renganathan claimed.
Singh had allegedly cheated four banks -- Punjab National Bank, UCO Bank, Bank of Rajasthan (now merged in ICICI Bank) and Dena Bank by mortgaging the same property and got a loan of Rs ten lakh from each bank on the basis of scanned copy of the property in question.