The accused, Sudha Pavan Marella, who worked as a supervisor with one Lokeswara, a businessman who runs a group of companies here, was caught while he was trying to flee the city.
According to police Sudha Pavan had gained the faith of his employer in a short span of three months through his honest work, they said.
"He used to hand over huge cash between Lokeswara and his business partner Raghava Rao," police said.
However, Pavan hatched a plan to take away the money. Accordingly, he went to his friend Srinivas Reddy's house in Attapur and gave the cash bag to him. He told his friend that he was keeping the money with him as police officials have intensified checks during night hours in view of terror suspect Viquar Ahmed's and his associates encounter, a release from City Police said.
After that Sudha Pavan went to Raghava Rao and told him a false story that when he was passing SDA Palace area three unknown persons stopped his car, pounced on him, thrashed him and took the bag containing net cash of Rs 29 lakh and fled away.
During the course of investigation, police found that no such incident as told by Sudha Pavan, had occurred.
Based on credible information, the accused was apprehended this evening when he was trying to escape from Hyderabad at Mahatma Gandhi Bus Station.
"During the interrogation, he confessed to his crime and revealed the truth," police added.