Police said that the gang of city-based Vidyut Kumar Banerjee, Kiran Lohia from Jaipur, Rajasthan, Abu Bakka Mandal and Sanjit Pal from West Bengal and Satender Kumar Singh from Uttar Pradesh were arrested near the New Delhi Raiway station.
The arrests were made following a complaint by a business man, who paid them Rs one lakh as advance to get a 'nagmani' for good luck and substantial improvement in his business.
According to the Central District police, it has busted an inter-state cheating racket "wherein several educated and rich people interested in buying precious and antique items were cheated by them on the pretext of providing precious fake antique items.
"The accused persons had earned several crores of rupees from gullible persons by charging them Rs two to three crore," police also said, adding "this racket was being run for the last three years and they have cheated several rich and influential persons from places like Jodhpur, Jaipur, Kolkata, Bangaluru, Chandigarh, Himachal Pradesh and Delhi."
A box, two Nag Mani and also a remote control were recovered from the possession of the accused persons, police said.
According to police, during interrogation, the accused disclosed that they work for a company known as IPMI based at Kolkata where one Dhingan deals in such type of fake precious items.
Banerjee and Kiran used to test the genuinity of the items to impress the buyer and the other three persons used to display the items and explain their uniqueness trapping the people who were lured into buying the items.