Ashish Tiwari (21), also called Natwarlal, and his associates forged signatures on stolen cheque leaves and encashed money from the bank, a senior official said.
Tiwari was arrested March 1 from near the Kotak Mahindra Bank branch at Sector 18 in Noida, he said. Three others are absconding.
The youth was held on a complaint filed by Seema Jha, authorised signatory of Indraprastha Automobiles.
According to Jha's complaint, amounts of Rs.6.7 lakh, Rs.8.4 lakh and Rs.4 lakh were withdrawn by someone presenting stolen cheques from the company in various branches of HDFC Bank, Deputy Commissioner of Police V. Renganathan said.
Police found that Tiwari had withdrawn the amount fraudulently, representing himself as the director of the company with the help of forged visiting cards and identity cards to convince bank officials.
Tiwari, hailing from Itawah in Uttar Pradesh, was staying near Minto Road in central Delhi.
According to the official, the youth told police that since childhood he was inspired by the Bollywood movie "Mr. Natwarlal" in which the hero strikes it rich through fraud.
“After coming to Delhi, he joined the field collection team of HDFC Bank where he made friends with Amit Chauhan, Sunny and Vikrant. They came across several high-amount cheques from Indraprastha Automobiles,” said the official.
"They made fake identity proofs and withdrew cash worth Rs.28 lakh. Chauhan, Sunny and Vikrant are absconding,” added Renganathan.