The accused, identified as Rakesh Kumar Madan (56), is a resident of Noida.
"The accused, who works as a property dealer had taken Rs 50 lakh and Rs 85 lakh from two parties as part payment on the pretext of selling flats to them in Paschim Vihar area. The documents provided by the accused were later found to be fake," it said.
Police Headquarters had declared a cash reward of Rs 50,000 for information leading up to his arrest after Madan absconded along with his wife and son following the incident.
Two criminal cases under Section 420 (cheating) of Indian Penal Code (IPC) were registered against him. According to the police, he was also involved in four separate cases of cheating and dispossession in the past.