Sanjay alias Kallu decamped with the money after dropping his employer Ajeet Jalan near Janpath for a Diwali function on October 13, they said.
The police said Jalan had kept Rs 25 lakh in his car to buy stamp papers. When he came out of the Diwali event, he found his car parked near at Masonic Club, but the driver and the money were missing.
Jalan tried to reach Sanjay on his cellphone, but the phone was switched-off, they said.
The police recovered Rs 24,67,500 from him.