Prasanna Bhandari, a native of Karwar, was arrested on September 30 and Rs 21 lakh seized from him, a police statement said.
Two other accused in the case, Sachin Vishwanath Cholle, a native of Mumbai, and Hemanth, hailing from Delhi, are absconding, police.
According to police, the trio, claiming to natives of Hubli, promised the couple, hailing from Chittoor in Andhra Pradesh, that they would secure a medical seat for their son in a well-known medical college here and collected a huge amount.
The modus operandi of the trio was that they used to check the CET list on the internet and then after noting the names of students who did not secure medical seat, used to contact them over phone and after convincing them that they could secure them a medical seat, extract huge sums.
Acting on the complaint filed by the Chittoor couple, Bhandari was arrested and susbequently remanded to judicial custody.
