Bilimora police arrested Agarwal following a complaint filed by Ganadevi Co-operative Bank, which had lost Rs 2.10 crore in the Home Trade scam.
Navsari police had arrested Agarwal on a transfer warrant from Surat Police on November 1 following a complaint by Navsari Peoples Bank which lost Rs 24.76 crore in the scam.
Surat Police had initiated investigations into the scam in September after seven banks in Gujarat lost a total of Rs 78 crore in the scam.