KATHMANDU: Police have arrested a man for swindling investors out of millions of rupees in the pretext of IPL betting, today.

The arrestee — Nathmal Agrawal (48) alias Amrit of Dhanusha in Janakpur, residing at Panipokhari in Kathmandu — had made off with Rs 20.4 million after tricking Rakesh Singh of Sifal, Kathmandu and others.

The accused had collected the amount from investors selling them false hopes of tripling the money in three months through Indian Premier League (IPL) betting or paying it back in lump sum, police informed.

According to MCD, Agrawal was nabbed from Panipokhari, Kathmandu and further investigation was underway.