Former Director of PMC Bank S Surjit Arora has been arrested by Economic Offences Wing (EOW) of Mumbai Police. He was earlier being called for questioning in relation to the scam by Mumbai Police.
Arora was being questioned by the Special Investigation Team of the EOW at the city police headquarters, an official said.
Arora was a director of the PMC Bank and was also on its loan committee, he said.
"We are trying to get certain details about the bank's loan disbursement process," the official said.
The EOW has already arrested promoters of HDIL group Rakesh and Sarang Wadhawan, former PMC Bank chairman Waryam Singh and former managing director Joy Thomas after the alleged Rs 4,355 crore scam came to light.
(Earlier version of this story wrongly mentioned former PMC Director as Surinder Arora. Correction has been made)