Vijay Vasant Devlekar, resident of Dombivali, was arrested yesterday on the complaint of the hotel owner, D Pandurang (50).
Pandurang owns hotel 'Raj Mudra' in Dombivali east.
Devlekar and his accomplice, identified as Shekhar Bansode who is lodged in a Mumbai jail, allegedly called the hotel-owner several times to demand the ransom last month, saying that they were members of Arun Gawli gang.
Police has sought the custody of Bansode, a Mumbai resident who is currently lodged in Arthur road jail in connection with the a gangwar-related shoot-out.
"We have demanded his custody," senior police inspector N Kadam said.
According to police, the accused and the complainant lived in same 'chawl' (colony) in childhood, and they knew that after becoming turning a businessman Pandurang had become financially well-off.