The accused, Radheshyam Mandal, who worked as a domestic servant at the victim's place, was on the run since the last sixteen months and was arrested from Surat in Gujarat, they said.
"Police recovered all the stolen valuables from a farm of his native place in Durgipatti village in Khutauna district of Bihar," Deputy Commissioner of Police (Zone-2) Dnyaneshwar Chavan said.
"The incident had taken place in September 2015. Mandal used to work as a servant at the residence of the victim, Laju Godhwani (72), who stays in a lavish apartment on Nepeansea Raod in Malabar Hill area. He stole Rs 4 lakh cash and ornaments worth Rs 54.25 lakh from there," police said.
Godhwani had lodged a complaint against him and he had gone absconding following the theft.
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"During the investigation, it came to light that he had fled to Nepal to evade arrest," official said.
Police arrested Jayram in this case and after the trial he was convicted by a court.
A few days back, police received information that Radheshyam was working with one of his relatives in Gujarat. Police formed a team and he was nabbed following a raid.
"During his interrogation, Radheshyam confessed to his crime and showed a place where the valuables were hidden at his farm in Bihar," DCP Chavan said.