Amitava Kar, who was associated with Raghunathpur post office in this town, was arrested from his residence yesterday after the investor lodged complaints to the police.
Jhargram SDPO Vivek Verma said, "We had received a written complaint against him, made enquiries and arrested him from his home last night."
Rabindranath Bhui, a retired person, had lodged the police complaint that he had invested in various post office schemes through Kar but did not receive the return which is around Rs 13 lakh.
A local court remanded Kar to 10 days' police custody.