Rajabhau Munde , former Chairman and an accused in the Beed District Central Cooperative Bank (BDCCB) fraud case was arrested at the Aurangabad district airport on Monday.
Police laid a trap for the Munde who was coming to Aurangabad from Delhi and arrested him.
He is accused of duping the bank of crores of rupees and has been absconding for a long time, police said.
Earlier, the Maharashtra government appointed a one-member administrator committee on the Beed District Central Cooperative Bank (BDCCB).
Divisional Joint Registrar Co-operative society Damodhar Kamble, who assumed the charge said earlier that recovery of long pending loans and day-to-day smoothe function of bark are on his top priorities.
Crop loan distributed to the farmers by the bank is nearly Rs 814 crore and the co-operative societies are given a total loan of Rs 272 crore.