"Murli Trilokvani was apprehended from Bhanwarkua area of the city on a tip-off," said Additional SP (Crime) Manoj Rai.
Trilokvani, who hailed from Jaipur, duped scores of traders by posing as an RBI officer and promising them to get their loans sanctioned and facilitating other transactions, he said.
Police said as many as seventeen persons had filed a complaint against Trilokvani recently.
"Trilokvani was also wanted in a case registered against him in 2007 for allegedly causing hurt and deterring a public servant from discharging his duty under sections 325 and 353 of IPC," the officer said.