R Parmar (40) was offloaded from a Mumbai-Ahmedabad flight on July 20 because he was too drunk, police said.
He stepped out of Mumbai airport and asked if he could find a bar nearby. A man took him to Ashraf Sheikh, a taxi driver, and the duo took Parmar to a bar in suburban Andheri in Sheikh's cab, police said.
After a few hours, he left the bar and asked Sheikh to take him to some hotel, police said.
Taking advantage of his inebriated state, Sheikh and his friend allegedly took away cash and jewellery worth Rs 95,000 that Parmar was carrying and dumped him near the airport.
Police arrested Sheikh two days ago after identifying him from CCTV footage outside the airport, while the hunt was on for his accomplice.