Praduman Kumar Sharma, chairman of Kuber group of companies was arrested yesterday by the sleuths of Delhi police's economic offences wing (EOW) in south Delhi, deputy commissioner of police (crime) P K Srivastava said today.

The arrest of Sharma comes following a complaint by one Hari Mohan Kapoor alleging that he along with three relatives and friends invested Rs 18 lakh in 1997-98 in Kuber group of companies after seeing their attractive advertisements, the DCP said.

The complainant stated in his complaint that when some of his deposits matured, he approached the company for encashment of fixed deposit receipts, but the officials of the company, including directors started avoiding him on one pretext or the other following which he (complainant) sought police help, Srivastavasaid.

Since then police were on the look out for the proprietor of the company and following a tip-off a special EOW team narrowed in on Sharma and nabbed him yesterday, the DCP said.