The arrested accused has been identified as Amit Karkhanis.
The 32-year-old, working as a client coverage manager with the bank, was nabbed on Saturday while his aide Omkar Pradhan was taken into custody from Pune last night.
According to police, the 28-year-old victim, who works in the same bank as manager, had approached Cyber Cell on July 20 complaining that her morphed photographs had been posted on popular social networking site Facebook.
During investigations, police came to know that the victim's photographs had also been uploaded on porn sites as well.
The accused created a fake e-mail ID and began chatting with his male colleagues, introducing himself as the victim, police said.
The police's Cyber Cell found that Karkhanis was the one, who posted these morphed pictures and also created the fake chatting account of the woman.
During interrogation, Karkhanis said he wanted to take revenge on the victim for rejecting his marriage proposal, police said.
Karkhanis took the help of Pradhan, a graduate in Fine Arts whom he befriended through online chatting, in the crime.
"Karkhanis told Pradhan that the victim was his girlfriend and requested the latter to create her morphed photographs," a police officer said.
Karkhanis is already in police custody till tomorrow.
Pradhan was today produced before a local court which remanded him in police custody till August 12. The accused were booked under IPC Sections 509 (word, gesture or act intended to insult the modesty of a woman), 419 (punishment for cheating by personation), 469 (forgery for purpose of harming reputation), 500 (defamation), among others, and also relevant sections of the IT Act.