Abdul Kadir Ibrahim Kucchi (40) was arrested from Panvel on Saturday morning under IPC section 420 (cheating), senior inspector Nitin Thakre of the Crime Branch said.
According to complainant Ninad Telgote, he received an email from Kucchi some days ago, which said there was a great demand for “blue blood of frogs” from a pharmaceutical company in the UK.
If he were to invest money in this business, he would get great returns, the email promised.
He realised that it was a scam when the accused stopped responding to his emails.
Police suspect that Kucchi was part of a gang which has cheated people in various states using the same method. Further probe is on.