The accused have admitted their crime and so far 16 gold chains were recovered from their possession, police said.
The prime accused Eknath Shivaji, who was employed with a local gold ornaments manufacturer at Moosa Bowli here, decamped with 18 gold necklaces, approximately worth Rs 1.30 crore, on December 7, when he was supposed to deliver the valuables to a customer, Deputy Commissioner of Police (North Zone) Ch Shrikant told reporters.
Following a complaint, Mahankali police took up the investigation and apprehended the five-member gang comprising M Uttam, Ankush, Santosh and Santosh Kolekar, besides Shivaji from Bidar.
Investigations are on to recover the remaining gold chains, Shrikant added.