Accused Himanshu Shah (29) was trapped at Bhayander in Thane district at about 11.15 PM last night, police said.
Shah confessed to the crime and recovery process of stolen money of Rs 3.7 lakh was underway, police said at V P Road police station.
Victim Vinod Patel (35) was found in a pool of blood on the first floor room of Bhagatwadi Chawl in Bhuleshwar by the courier company manager Pragnesh Rawal yesterday afternoon, police said.
As there was no forced entry, police suspected the killing was engineered by the one who was known to the victim.
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While probing the case, the investigators have retrieved the footage of the CCTV from Kishan Jayesh Angadia Company, located exactly opposite the room where the murder happened.
"The CCTV footage clearly showed a man entering the house and leaving after a while. Upon inquiry, the man was identified as Himanshu Shah," the officer said.
"Shah was arrested and produced before a court today which remanded him in police custody till December 21," police added.