A permanent warrant issued by a court was also pending against the accused, Manoj Kothari, the managing director of Panjon Pharmaceuticals company, SSP A Sai Manohar said.
The Madhya Pradesh police had announced a cash reward of Rs 25,000 on his arrest, Manohar said.
Kothari had allegedly duped some investors in Panjon of their money and had been absconding.
A few cases of cheating and fraud were already lodged against the businessman in Sanyogita Ganj police station in the city, SSP said.
A case has been lodged in the Vijaynagar police station here against Kothari under the Madhya Pradesh Investment Protection Act and relevant sections of the IPC, SP Amrendra Singh said, adding that his wife is also a co-accused in the case and she is absconding.
The accused was being brought to Indore, police said.
