The accused, a resident of Byculla in South Mumbai, was arrested from the entrance gate of IIT Bombay in Powai on October 16.
The 33-year-old mechanical engineer sold the stolen cycles to residents of nearby areas in the city as well as neighbouring Thane using a free local online site. At least seven costly cycles have been recovered from him, a police officer told Press Trust of India.
The police were first alerted to the crime when a 25-year-old student of IIT Bombay approached them to file a complaint about her missing cycle. During the investigation, the police found that more incidents of bicycle theft were reported in the IIT campus, the officer said.
While interrogating him, the police learned that he was a mechanical engineer and had left his job in January this year to complete his PhD.