Milon Roy, 29, a resident of Vishnu Garden in west Delhi, was arrested Saturday following a complaint by one of his victims, Radha Thakur, after the accused failed to get her son admitted to a management college in Pune in March.
Roy was born in a poor family in West Bengal and studied up to Class 10. In 2003, he came to Delhi and started working as a compounder, police said.
The accused had demanded Rs.2 lakh from Thakur as "administration expenditure". Thakur deposited Rs.5,000 in Roy's account March 19 and another Rs.1.75 lakh, the following day.
He then asked Thakur to visit the college in Pune in April to finalise the admission process but the victim was surprised to realise that her son had not been admitted.
According to police, operating under the name of Skytek Consultants, Roy and his associates used to publish advertisements in leading dailies, offering admission guidance for prominent medical, management and engineering colleges.
"He bragged about his links with the management of various prominent colleges across the country, leaving his victims impressed," said a police official.
According to police, Roy had cheated several other people and while the accused's bank accounts have been frozen, further investigation was underway to recover all the money and arrest his associates.