"Sajan Kumar, the domestic help, was arrested last night from Vashi Naka in Chembur in connection with the theft at Satish Kaushik's residence," Senior Inspector Harishchandra Parmale of Versova police station told PTI.
Also, Rs 1.19 crore cash has been recovered, he said.
The pre-planned offence was committed by Sajan so that he could settle in life with the cash, police said.
A bag containing the cash was stolen allegedly by Sajan on Sunday from the actor-director-producer's house in Raj Classic apartment in suburban Versova, police said.
On Sunday, the bag with cash could not be found in the house, following which Kaushik's wife approached police and an FIR was registered, the police official said.
According to police, Sajan, who had been working as domestic help at Kaushik's residence for past four months, on Sunday sneaked out of the filmmaker's house with the cash, took an autorickshaw to Andheri railway station from where he went to Chhatrapati Shivaji Terminus in South Mumbai.
The next day morning, he planned to take a train to his native place in Jharkhand but the hotel staff did not wake him up because of which he missed the train.
Sajan then went to his relative plaqce in Kurla. "He told his relative that the bag contained books," police said.
The police stumbled upon the first clue when Sajan used his newly purchased mobile phone with a new SIM card.
"Sajan had purchased a mobile phone with dual SIM card facility from Versova on Saturday so that he could use the new phone and new SIM card after the theft. He switched on the new mobile phone, leading us to track his movement through IMEI number. Sajan was picked from Vashi Naka and the cash of Rs 1.19 crore was recovered," said another official.
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