"Avnish Kumar, a resident Uttar Pradesh's Jalon district, was arrested following a complaint by Nainaram, a resident of Jalore district's Bhinmal town," SP Jalore Kalyanmal Meena said.
The victim alleged that the accused had sold him bogus policies-worth Rs 44.55 lakh promising high returns, he said.
"Avnish was arrested when he was about to withdraw the amount deposited by Nainaram from a bank in New Delhi," the SP said, adding the accused revealed the gang's mode of operations during interrogation.
Meanwhile, the police seized premium liquor-worth Rs 40 lakh from a truck which was taking the consignment to Sanchor in Jalore district.
The driver Ashish Sen, a resident of Alwar district, managed to escape. The consignment comprised 960 cartons of liquor, the SP informed.