Collar may mean ‘put a collar on’—on a wild animal for instance, to track its movements—but it usually means ‘arrest’ or ‘seize’, and is said of the action of police or similar officers. The underlying sense is, as you say, to “grab or seize by the collar or neck”, but this is applied figuratively. Here are a couple of instances:
Doral security noticed something amiss with the man's credentials and collared him. —New York Daily News
I pursued him and never lost sight of him; I came up to him and collared him. —Trial of Joseph Pearce, Old Bailey Proceedings, 1810
This meaning is sometimes jocularly extended from the apprehension of criminals to other seizures. In the first half of the 20th century it was often used to mean ‘take’ or ‘filch’: H.L. Mencken, for instance, writes of appropriating an artwork created for a magazine where he worked:
I liked it so much that I collared the painting, which was in oils, had it framed, and hung it in my house on Hollins Street.
Collar is also frequently used today in the sense you ask about: to ‘arrest’ or ‘detain’ not in a law-enforcement sense but in order to compel attention or conversation:
I took it over to the local Apple store where I collared the first guy I saw and showed him the wire. He apologized that I had a problem, handed me a boxed new one off the shelf, and sent me on my way.
I collared the program's director and congratulated him on the quality of work.