Arjun Nihalchandani, a resident of Gujarat, was on Monday arrested by the Ahmedabad police for his suspected involvement in the betting syndicate allegedly run by Shobhan Mehta alias Shobhan Kalachowkie.
Shobhan, along with Ashok Kamdar alias Ashok Royal, was arrested earlier this month for allegedly running an illegal telephone exchange for carrying out betting activities.
Nihalchandani was arrested after being detained in Ahmedabad earlier.
He is likely to be produced before court in Mumbai for remand, Inspector Aslam Momin told PTI.
Momin refused to divulge details about Nihalchandani's exact role.
On May 27, Mehta and Kamdar were granted bail by a local court.
Mehta was arrested by the crime branch on May 17 for allegedly betting and match-fixing,after his anticipatory bail was rejected by the sessions court.
Kamdar was arrested on May 20for the same offence.