Acting on a tip-off, Ramesh Nath (36) and Manoj Dabi (26) were arrested from Devidas lane in suburban Borivali, they said.
Dressed up as eunuchs, they had gone to the residence of Uravshi Dhakaan (30) in Pluto Apartments in Borivali to accept alms on January 28, police said.
The duo convinced the family members that they could perform a ritual to cure childless couples, as Urvashi's sister-in-law could not conceive.
"The accused managed to gain the confidence of the family and asked them to donate Rs 3.74 lakh in the next 20 years," an officer at MHB Colony police station said.
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Accordingly, the bangles were given to them and they were accompanied by Urvashi's mother-in-law as well as sister-in-law to perform the ritual, the police said.
"However, as soon as the duo came out of the building, they suddenly jumped into a waiting auto rickshaw and fled," the officer said.
Later, the family registered an FIR at the MHB Colony police station.
The duo was caught and they have confessed to the crime, the police said.