This takes the number of persons arrested in the case to seven.
A team of Pune police headed by assistant commissioner (crime) Sameer Shaikh arrested Rajesh alias Pandit Agrawal from the national capital.
Mr Shah, a city-based builder, was shot dead by two men on January 13 this year.
Police initially arrested Rahul Shivtare and Ravi Chorage in connection with the killing, which was followed by four more arrests.
"We had received information that Agrawal was in Delhi and arrested him today. He is suspected to be associated with Rajan," said ACP Shaikh.
He did not divulge Mr Agrawal's alleged role in the killing, saying he was yet to be interrogated.
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