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Raghavendra was arrested from Deepanjali Nagar, Bengaluru by a team of CCB for allegedly betting on the decider India vs Australia T20 match to be played in Hyderabad.
According to police, 3.06 lakhs of cash and a mobile phone were seized from the accused possession.
The third T20I stadium between India and Australia will take place in Rajiv Gandhi International Stadium, Hyderabad on September 25.
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A huge crowd had come to the Gymkhana grounds to purchase tickets.
A large queue of fans was captured waiting to get their hands on tickets. But the situation soon turned out of control and a stampede broke out, with excited fans coming in excessive numbers and causing law and order issues. Police lathi-charged to disperse the massive crowd and restore control.
(With ANI inputs)