New Delhi, Aug 19 - Businessman Ashwani Sud, who was on the run for the last two years, has been arrested for allegedly duping investors of Rs.22 crore (Rs.220 million) by offering various schemes for investing in teak plantations, police said Wednesday.

Sud, chairman cum managing director of Timber World Resorts and Plantation India, was arrested Monday from south Delhi's Safdarjung Enclave area, a police official said.

'Sud was involved in many cases of fraud and cheating, and over time the company had cheated several thousand investors to the tune of Rs.220 million. He had earlier been arrested in some of the cases but had subsequently evaded trial and was absconding since 2007,' the officer said.

'Sud along with his brother Rajesh Sud, the other director of the company, cheated the public by offering various attractive schemes for investment in teak plantations.