The accused were planning to sell off the infant for Rs four lakh, police said.
The accused identified as Nikita Kangane (30), Chandrabhaga Krushna (35), Laxmi Jadhav (19) and Akash Krushna (19), all residents of Hadapsar, were arrested yesterday for the alleged crime that took place on Thursday.
"Kangane and Jadhav had developed a rapport with Madhu Thakur (22) by posing themselves as polio vaccination volunteers and used to come to the woman's house. On Thursday, the duo came to her house and told Madhu that they would help her receive government subsidy, meant for poor women, who have delivered babies," police said.
He said that since Madhu did not return home for the entire day, her husband, Kedarnath Thakur approached the police station and registered a case.
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"During our investigation, we found Madhu murdered at the house with strangulation marks on her neck. However, the baby was missing. But after sustained interrogation, Kangane spilled the beans," Pawar said.
Police suspect a child theft racket and are investigating the case.