Inspector HK Kharabe of the Sitabuldi police station said that the theft happened at the house of chartered accountant Parag Paranjpe.
He said that Paranjpe had left his house at around 10:30am and his wife had gone out at around 11:15am.
Kharabe said that some unidentified persons got into the house by breaking the lock at the main door of the house.
"Jewellery worth between Rs 35 lakh to Rs 45 lakh and Rs 25000 in cash has been stolen," Kharabe said.
The official said that the theft came to light when Paranjpe returned home at around 1:30 pm.
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