New Delhi, Jun 14: A man was arrested for allegedly snatching away a handbag containing Rs 7 lakh from a 63-year-old businessman while he was returning home in northeast Delhi after withdrawing cash from a bank here, police said on Monday.

Rs 5.70 lakh of the cash was recovered later from the accused, Aas Mohd alias Ashu, a 'habitual offender' having eight previous criminal involvements, they said. Delhi Shocker: Ragpicker Beaten to Death on Suspicion of Theft in Jahangirpuri Area; Two Arrested.

According to police, the incident took place on June 11 when the businessman was on the way to his home after withdrawing Rs 7 lakh from a bank in GTB enclave area. The bike-borne accused, who was following him from the bank, snatched his cash bag near Parshu Ram Chowk and sped away. The victim followed him for some distance, but to no avail. Delhi: Property Dealer Arrested for Cheating, Theft of Rs 1 Crore.

Deputy Commissioner of Police (Northeast) Sanjay Kumar Sain said, 'During the course of investigation, multiple CCTV footages were scanned, entry and exit routes were verified. Based on technical surveillance, the accused was nabbed from Nand Nagri area.'

One country-made pistol loaded with cartridge and a motorcycle used in the crime was recovered from his possession, the DCP said.