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.