Acting on a tip off, accused Christopher Godfrey was apprehended from an apartment at Oberoi Springs residential society in suburban Andheri on Sunday evening where he had been staying since March 20, they said.
Godfrey was yesterday produced before a local court which remanded him in judicial custody for 14 days.
According to police, the case against Godfrey dates back to 2001-02 when he was booked for procuring US dollars 7,50,000 loan from a financial institution through fraudulent means.
"In 2009, Godfrey was convicted by a court in the district of Illinois of the US. Since then he had been absconding," said Shalini Sharma, inspector of the Mumbai Police crime branch.
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While on the run, Godfrey changed places in the US and Belgium to hoodwink police.
A Red Corner Notice was issued sometime back this year by the US security authorities, police said.