Lucknow, Feb 28 (IANS): A fraudster from Pune has been arrested after he stole Rs 38 lakhs from a businessman in Lucknow.

Police said Keshav Jha, the accused, told the complainant that he was an iron rod dealer, and could provide the product to the latter at cheaper price.

"On Friday, the accused defrauded a Lucknow-based businessman of Rs 38 lakhs," the police said, adding a case was then registered in the matter under IPC sections 406, 409 (criminal breach of trust), 420 (cheating), 504 (insult), and 506 (criminal intimidation) by the cybercrime cell of the Vibhuti Khand police station.

A team of police was dispatched to Pune, after which Jha was arrested and sent to judicial custody, said SHO Ram Singh.

"The accused convinced the Lucknow businessman to make an advance payment of Rs 38 lakhs. Upon not getting the product, the latter called Jha to ask his money back," added the official.

The amount has also been recovered from him.