Madhubani Superintendent of Police (SP) Mohammad Rahman said the operation was conducted with the help of Bihar Police and the accused is identified as Sitaram Mukhiya of Nirbhapur village under Bhairavsthan police station in the district.
The valuables including 10 diamond rings, four gold pens, 1.5 kg silver and four costly watches were also recovered after Mukhiya confessed to the crime and pointed out the place where he had kept them.
The businessman had filed a case with Haryana Police and it was being handled by the crime branch there. It traced Mukhiya to his native village and sent two officials to nab him.
"The stolen valuables were buried in agricultural field near Mukhiya's house. He pointed out the place during interrogation and they were recovered by the police personnel," added the SP.
Mukhiya was produced in the local court which granted transit remand to Haryana police.