New Delhi, Dec 19 (IANS): A 41-year-old man has been arrested here for orchestrating a false snatching incident with an intent to embezzle Rs 17 lakh from his employer due to financial desperation, the police said on Tuesday.

The arrested individual was identified as Atul, a resident in Budh Vihar in northwest Delhi.

The police on December 16 received a call wherein the caller reported snatching cash of Rs 17 lakh by two unidentified persons riding a motorcycle near the Kotak Mahindra Bank in Pitampura.

Responding to the call, a police team arrived at the scene.

"Atul claimed to be an employee of Manoj Kumar, stating he collected the cash from Samaypur Badli on Kumar's instructions," said Deputy Commissioner of Police (northwest) Jitendra Kumar Meena.

According to Atul, the incident occurred on Outer Ring Road near Income Tax Colony, Pitampura, where two unknown persons snatched his bag and fled.

Despite attempting to chase them, he was unsuccessful. Upon investigation, CCTV footage analysis and technical surveillance/CDR of the complainant's mobile revealed inconsistencies.

"The complainant's location at the time of the incident contradicted his statement, placing him near Rithala, Rohini. During intense questioning, Atul confessed, admitting that no snatching incident had occurred," said the DCP.

Due to financial desperation and greed, he had concealed the money at his maternal grandmother's house in Budh Vihar.

"A subsequent raid at his grandmother's house led to the recovery of the bag containing Rs 17 lakh," said the DCP.