Arjun Nihalchandani, a resident of Gujarat, was on Monday arrested by the Ahmedabad police for his suspected involvement in the betting syndicate allegedly run by Shobhan Mehta alias Shobhan Kalachowkie.
Shobhan, along with Ashok Kamdar alias Ashok Royal, was arrested earlier this month for allegedly running an illegal telephone exchange for carrying out betting activities.
Nihalchandani was arrested after being detained in Ahmedabad earlier.
He is likely to be produced before court in Mumbai for remand, Inspector Aslam Momin told PTI.
Momin refused to divulge details about Nihalchandani's exact role.
On May 27, Mehta and Kamdar were granted bail by a local court.
Mehta was arrested by the crime branch on May 17 for allegedly betting and match-fixing, after his anticipatory bail was rejected by the sessions court.
Kamdar was arrested on May 20 for the same offence.
They have been booked under Section 420 of Indian Penal Code (cheating) and under provisions of the Indian Telegraph Act and the Gambling Act.
The police had arrested Ramesh Vyas, Tushar Trambak Gandhi and Nemichand Kanungo, co-accused in the gambling case.
According to the police, investigations revealed that Mehta used mobile phones to take bets on cricket matches.
The police alleged that Mehta used to call people in Pakistan, the United Arab Emirates and Dubai. The police said they had to probe if the people were involved in betting.