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The accused, identified as Mashroof alias Mashroor, had a long history of committing crime for more than 11 years. He was previously involved in five criminal cases, including armed robbery in Delhi and Uttar Pradesh.
According to the police, all five had pistols and the robbery was carried out in 23 minutes.
Chennai police on Friday said it has recovered the 31.7 kg gold looted from a non-banking finance company in the city, in which an insider role was suspected while a police inspector was also arrested in connection with the incident.
The robbery case accused complained to the ACB which conducted a probe and arrested Jadhav on Monday, the official said.
The police recovered gold jewellery worth Rs 9 lakh from them.