The city's Joint Commissioner of Police (EOW) Rajvardhan Sinha said that Surinder Arora is being interrogated in the matter.
Meanwhile, a delegation of depositors of PMC Bank met Mumbai's Commissioner of Police Sanjay Barve earlier in the day.
Last month, the RBI restricted the activities of the PMC Bank for six months and asked it to not grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits.
The Enforcement Directorate (ED) has seized and identified movable and immovable assets worth more than Rs 3,830 crore owned by Housing Development and Infrastructure Limited (HDIL) in connection with the case.
As many as two PMC Bank customers died within 24 hours, including one Fattomal Punjabi and a 51-year-old former employee of Jet Airways named Sanjay Gulati.
Their families have alleged that they were "under stress" over the crisis in PMC Bank.
On Tuesday, Maharashtra Chief Minister Devendra Fadnavis had said that he will take up the issue with the central government soon.
Earlier this week, a Mumbai court sent former PMC chairman Waryam Singh and HDIL promoters Rakesh Wadhawan and Sarang Wadhawan to the police custody in alleged connection with the bank fraud case.
The Esplanade court in Mumbai remanded the trio to police custody till October 16.
According to the police, PMC bank officials gave loans to HDIL between 2008 and 2019 despite no repayment of the previous loans.
( With inputs from ANI )