Deputy commissioner of police Parag Manere said the police were on the look out for other members of the gang.
The arrested men were identified as Barkatali Saifali Mirza Mulab (34), Altaf Husain alias Bullet Massom Ali (38), and Tahir Hasan Ijjatali Irani (30). The fourth arrested person was Durgesh Darshanlal Sharma (43), a jeweler, who allegedly purchased the stolen chains.
Ornaments weighing 437 gms and valued at Rs 11.50 lakh were seized.