LUCKNOW, April 1 -- The Central Bureau of Investigation (CBI) on Tuesday arrested a proclaimed offender in connection with a long-pending financial fraud case involving the alleged embezzlement of Life Insurance Corporation (LIC) funds worth Rs.6.37 crore, officials said on Wednesday.

According to an official CBI statement, the accused, Sameer Joshi, was apprehended from a Metro station in Lucknow on Tuesday and produced before the trial court concerned, which remanded him to judicial custody the same day.

The CBI said the case was originally registered on August 13, 2012, following a complaint from LIC, Lucknow, alleging large-scale misappropriation of funds at the Jankipuram branch between February 2006 and August 2010.

The embezzlem...