Ten kidnappers were also arrested.
Shanti Swarup Bhatnagar was kidnapped on June 11 while he was returning from his office in the refinery in Mathura.
His father subsequently received a ransom call of Rs one crore, a release issued here.
Bhatnagar was rescued from the ravines in Devgarh area by the Mathura Police in coordination with Gwalior police.
On interrogation it was found driver of the company was involved in the crime, the release added.