RAB-14 arrested Abdul Wahed, 55, from the bypass area of Jamalpur district town on Tuesday.
Wahed was a director of Al Akaba multipurpose cooperative society in Madarganj upazila and a former amir of Madarganj upazila Jamaat-e-Islami.
A police case filed on 4 May alleges Wahed defrauded the cooperative's customers and embezzled 400 crore taka.
The alleged offence relates to customer funds of the cooperative society.
Wahed had been an absconding accused in the case before the arrest.
The arrest took place in the district town's bypass area.