The five police officials are accused in extortion of money from two farmers.
The Chief Minister also ordered all five cops to be transferred to the police lines pending enquiry, an official spokesman said here.
The Chief Minister directed stringent action against those found guilty by the vigilance probe, he said.
The farmers, whose families sold land and took loan to pay the extortion money, are fearful for their lives and the Chief Minister has directed the concerned officials to ensure full protection for them, he said.
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A 25-year-old financier, Hardev Singh, was shot dead in Longowal in February by five gangsters "led by" Davinder Singh alias Babli Randhawa. They later posted a video celebrating the murder.
The farmers, Dhanwant Singh of Kotra Amrhu village and Harjinder Singh of Dugga village, alleged that they were taken into custody illegally, merely because they knew Randhawa before he became a gangster.
The Chief Minister has taken cognisance of the initial probe report sent by Sangrur SSP Mandeep Singh Sidhu to Patiala Zone IG AS Rai and DIG Sukhchain Singh Gill.
In his report, Sidhu has named former Sangrur SSP Indervir Singh, Sunam DSP Jashandeep Gill, Longowal SHO SI Sikandar Singh, Sangrur city police post in charge ASI Baljinder Singh and Badrukhan post in charge ASI Gurmail Singh, the spokesman said.