The accused identified as Krishna Kumar Srivastava called the MLAs and other leaders while introducing himself as a media person.
He used to tell them that he has done a sting operation and he will expose them in his news channel.
"He then demanded money for not broadcasting the alleged sting operation. He had threatened and tried to extort money from MLAs Ashok Dogra, Abhishek Matoria, Ghanshyam Tiwari and other leaders," Police Commissioner Janga Srinivas Rao said.
"The accused, who belongs to New Delhi, is unemployed and wanted to make money quickly. He was arrested and is being interrogated," the officer said.