Arrested accused, identified as Vikas Bansal (34), was picked up from Delhi by the BKC Cyber police yesterday.
Bansal was produced in the court today which remanded him in police custody till July 22, BKC Cyber police Senior Inspector Nandkumar More said.
Earlier in May, police arrested seven persons, including one Alok Kumar, a B-Tech graduate, who cleared the Narsee Monjee Institute of Management Studies (NMIMS) entrance test several times by impersonating real applicants.
The gang charged Rs 15 lakh per student, they said.
In April, the institute complained to cops about possible fraudulent practices being carried during online tests for NMAT 2013.
During the course of the investigation, cops had caught seven accused who used to charge Rs 15 lakh per student to ensure that they clear the NMAT test.