The Special Task Force (STF) of Uttar Pradesh Police arrested Ajay Singh Bharadwaj from the Vastu Khand area of Gomti Nagar where he was running a property business, police said.
Bharadwaj, against whom Economic Offences Wing (EOW) and CID Mumbai had registered cases, had floated Dhanlaxmi Cooperative Limited in Mumbai in 2006-07 and had duped Union Bank of India of crores of rupees.
After commiting the fraud, he fled to Lucknow and started a property business.
Police also recovered over a dozen ATM cards, Rs 2 lakh in cash, a laptop, and an arms licence from his possession.