The FIR has alleged that the company had defrauded investors of more than Rs 100 crore.
According to the police, a Lookout Circular (LOC) was issued against him earlier this year in connection with the cheating case.
The case against Manpreet and other promoters of the Wave Group was registered in 2018.
He will be produced before a magistrate today, police said.
Ponty Chadha was killed by his brother Hardeep in 2012, following which Manpreet has been managing the liquor and real estate businesses.