Abdul Sheikh, who deals in old coins and stamps, had lodged complaints about two thefts. The first theft took place last year while the second took place this year, said a senior police officer.
The thieves had broken into the shop through a window.
"After going through CCTV footage, police zeroed in on Dinesh Khade who had visited the shop on both the days when the break-ins took place," said a senior police officer.
Following which his accomplices Vijay Waghmare (19), Vinod Jadhav (23) and Praful Shinde (23) were arrested yesterday, the officer said.
The accused have been booked under IPC sections 454 (house-breaking), 380 (theft in dwelling house) and other relevant sections.