Preliminary investigation revealed that accused had duped several people, police said.
A 34-year-old man who allegedly duped his neighbours of crores of rupees was arrested in Rajasthan's Alwar district on Saturday, police said.
Niranjan used to call up his neighbours and other known persons and cheat them by modifying his voice, they said.
A neighbour of accused, Dharmvir Bhatiya, told police that the accused called him up and posed as submarine expert R K Singhania, saying that he has got a contract of Rs 32 crore to manufacture a submarine in China.
Accused told Dharmvir Bhatiya that he initially needs some money for the project, police said quoting the complaint filed by Dharmvir Bhatiya.
Dharmvir Bhatiya gave him Rs 29 lakh, believing that he will receive an attractive return on his money, they added.
When Dharmvir Bhatiya asked about his money later, the accused gave him a check of Rs 15 lakh, which bounced, police said.
Accused also duped another neighbour, Rajkumar, saying he wanted to import a manufacturing machine for plastic items from South Africa and borrowed Rs 21 lakh from him, they said.
Following the complaints of fraud against him, accused's house was raided Saturday and he was arrested, though he tried to ran away, police said.
Preliminary investigation revealed that accused had duped several people by promising an attractive return on their money, police said.
He is being interrogated for more details, they added.