GTC chairman Sanjay Dalmia was intercepted by immigration authorities at the Kolkata airport on Sunday, as the LOC had been issued against him by Mumbai police's Economic Offence Wing (EOW), said deputy commissioner of police KMM Prasanna.
Dalmia was handed over to the EOW, which brought him to Mumbai on Tuesday and placed him under arrest. He was then produced in a court which remanded him in police custody till July 14, Prasanna said.
In 2012, the EOW booked Dalmia and others under IPC sections 406 (criminal breach of trust), 420 (cheating), 120B (criminal conspiracy) and 34 (common intention), police said.
Dalmia's anticipatory bail was rejected by Supreme Court in March, and he was directed to surrender before a local court in Mumbai by April 11 in connection with the case. However, he failed to appear before the EOW, police said.
According to FIR against him, the GTC had signed a memorandum of understanding (MoU) with Sheth Developers and Suraksha Realty to develop a plot in 2009. The 14-acre land near Mithibai College was to be bought for Rs 540 crore.