The incident had taken place on March 14 at the famous Sai Baba temple here, police said.
The stolen purse and the currency notes were later recovered from one of the arrested persons, they added.
The victim, identified as Radha Deiff Somas (52) from Durban in South Africa, during her visit to the Sai Baba temple, was distributing clothes to the poor outside the temple.
It was at that time her purse, containing hundred notes of denomination of 200 rand, worth Rs 1.20 lakh, as well as a credit card, was stolen by unidentified persons.
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The currency was recovered from one Majid alias Irfan Amjad Shaikh (21), a resident of Kalika Nagar here, police said adding that the other arrested accused were-- Satish Vijay Kale (19), Bharat Sontakke (21), Kishore Premraj Pawar (19).
The four accused were produced in Rahata court, which remanded them to police custody till March 22, while the four arrested minor boys were sent to Ahmednagar's remand home by the juvenile court.
The passport and credit cards of the South African woman were yet to be found and the police are on a lookout for one more accused in the case.