Mathew Emmanuel Asmah is alleged to have defrauded people to the tune of about 10,000 Ghana Cedis.
Police Chief Inspector Philip Arthur in-charge of DOVVSU told journalists that the suspect was arrested at his hideout at Apam.
He said the suspect styled himself as the Chief Executive Officer of MAF Construction and Loans Company and issued UnIbank loans forms to businessmen, women and churches.
Inspector Arthur said the suspect collected 40 Ghana cedis each from the victims as processing fee before issuing them the loan forms.
Asmah also went to some churches, individuals and groups at Agona Swedru, Gomoa Aboso, Agona Asafo and Winneba to inform them about his business.
The suspect also extended his activities to a group at Moree headed by Mr Isaac Lamptey, an electrician, where over 1,000 Ghana cedis was collected from people to secure them jobs.
He said the suspect told the victims that University of Education, Winneba (UEW) had offered him 1,000 capacity hostel facility contract and wanted more workers to execute the contract.
Chief Inspector Arthur said on January 25 2015 the suspect went to Life of Salvation Church at Agona Swedru where he collected money from members to give them jobs.
He also went to the Gomoa Aboso branch of Assemblies of God Church and announced that a huge contract had been awarded him by the UEW and was looking for masons, carpenters, steal burners and artisans to work at the site.