Mr Ritheesh, who represents Ramanathapuram Lok Sabha constituency, was arrested on a complaint by a person who alleged his father had entered into a MoU with the MP and purchased some of his property in Kancheepuram, paying Rs 20 crore advance.
According to the police he was liable to pay back the amount as the title deeds were found defective.
After his father's death, the complainant Rajasekar approached Mr Ritheesh, who reportedly refused to pay the amount.
Mr Ritheesh later entered into another MoU with Mr Rajasekar to pay Rs 19.73 crore or its worth of land with a condition that in the event of failure with the terms, he would repay the amount in cash with interest.
Police said Mr Rajaesekar filed a complaint as the MP failed to repay the amount and reportedly threatened him with dire consequences.
The Central Crime Branch registered the case and Mr Ritheesh was produced before the Metropolitan Magistrate court today which remanded him till December 11, the release added.