Vile Parle police said the kidnapping took place at around 2:30 PM outside the victim's residence at M Padma building, Paranjape scheme no 3 in Vile Parle East.
The victim was taken outside the building by the family's house maid Seema Dhadvey (21).
From there, two accused pushed the boy into a car and drove away. Another accused tailed them on a bike, while Seema raised a false alarm screaming for help.
Incidentally, three youngsters on bike chased the car, while her family members immediately contacted the police control room.
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The lead provided by youngsters came handy, additional commissioner Vishwas Nangre-Patil said, adding that a ransom of Rs one crore was demanded.
The car was finally spotted on the Jogeshwari-Vikhroli Link Road (JVLR) in Jogeshwari East during nakabandi.
The vehicle was stopped and the duo was arrested, but the boy could not be found as the accused had abandoned him sensing trouble.
The boy, who was abandoned at a place not far from home, somehow safely reached his residence.
The accused are identified as Satyajeet alias Robert Balkrishna (33) and Bhagesh Balan (29), Milind alias Laxman Chandrakant Waradkar (35), Rohit Divekar (21) and Seema.