The raid was conducted by the special team of the Karnataka Police with the help of the Kolkata police in connection with a fraudulent transaction of Rs 20 lakh at a bank in Karnataka.
One of the five arrested has been identified as Santosh Mukherjee who was nabbed from the Maniktala area of the city.
The interrogation of the person led to the arrest of the four others from different parts of the city, the police said, without revealing the names of the four.