Meerut: The owner of a city-based bulletproof equipment manufacturing company has been arrested for allegedly defrauding a businessman of nearly three crore rupees, police said today.

Balwinder Singh Shekho was arrested from his residence in Shastri Nagar last night by the Lucknow Crime Branch, a police spokesperson said. Singh is accused of defrauding a Lucknow-based distributor, Ashok Gupta of Rs 3 crore, he said.

The victim has registered an FIR against Singh, his wife, mother and brother-in-law under sections 420 (cheating), 467 (forgery of valuable security), 468 (forgery for purpose of cheating), 504 (intentional insult with intent to provoke breach of peace) and 506 (criminal intimidation) of the IPC.

The FIR was registered seven months ago in Hazratganj police station in Lucknow, police said. Singh denied the allegations and claimed it was Gupta who had "not paid" him for goods worth over Rs 2 crore.

Singh was arrested after a non-bailable warrant was issued against him by a court, Lucknow Police Inspector Kamlapati Ojha said. Singh owns a factory of bulletproof manufacturing in Partapur area in the district.