One member of a gang that cheated people with ‘irresistible’ business deals and finance companies over loans using forged papers has been arrested. While the Malad police have taken the custody of one more jailed member, they are looking for two others.

Following a three-year-old case, the cops arrested one accused, Vijay Medithi, from Manish Nagar in Andheri on Monday. The police said Medithi and his accomplices had duped a 24-year-old Malad resident and his female friend of Rs 33 lakh on the pretext of giving them one-third partnership in a hotel that never belonged to them.