Tyagi, along with his other associates, used to get fake cheques of educational institutes printed and, with the help of his associates in banks, withdrew money. The anti auto theft squad of south district arrested him from near the Tis Hazari courts on Friday.
His three associates — Ajay Kumar Kashyap, Ashu Kumar and Vipin Kumar — had been arrested on November 16, 2011.
A representative of IIT-D had filed a complaint that illegal withdrawals were made from the institute’s accounts in Canara Bank and Punjab National Bank (PNB).
Tyagi, the kingpin of the gang, had been absconding after the arrest of his associates and was declared Proclaimed Offender on February 27, 2012.