The police identified the accused as Vinod Kumar Chauhan, an additional director of the Garvit Innovators Pvt Limited.
"We received a tip-off about Chauhan's movement in Dadri area, following which a trap was laid and he was nabbed. He is among the 12 Additional directors of the company GIPL," said Sheelesh Kumar, inspector, Economic Offences Wing (Noida).
During interrogation, Chauhan revealed that he had joined the company in 2017 and earned Rs 20 Lakh and a fortuner car as commission.
"He revealed that he has worked in Meerut region and had brought in hundreds of investors to the company. For his work, he was given a Fortuner car as incentive in 2018," said Kumar.
Police have sent Chauhan to jail after being produced in the court on Tuesday.
Bhati and other top brass of Garvit Innovative Promoters Limited (GIPL), popularly known for its motorcycle taxis, were wanted for cheating and had cases registered against them in Greater Noida and several other states.
The company in Greater Noida had come out with the multi-level marketing scheme 'Bike Bot' and lured investors with a promise of double returns in one year.
Bike-taxis operate in districts like Gautam Buddh Nagar, Ghaziabad, Hapur and Bulandshahr in western Uttar Pradesh, while its network was also active Rajasthan, Madhya Pradesh and Haryana, officials said.
Police arrested Bhati in connection with the case along with his associate earlier this month.
( With inputs from IANS )