"We recovered around 5 kg of gold roughly valued at Rs 1.50 crore," Thane Police Commissioner K P Raghuvanshi told reporters.
With the arrests, police claimed to have cracked as many as 76 chain snatching cases.
Two of those apprehended are Sikandar Kasamali, the alleged leader of the gang, and grocery shop owner Vasantji Dedhia.
According to Raghuvanshi, rather than selling the precious metal pieces to jewellers, the accused would approach Dedhia for buying these to evade police suspicion.
The gang mostly targeted pedestrian women and operated in Thane and its suburbs, he said.
A total of 1,750 gms of gold ornaments valued at Rs 52,50,000 were recovered from Dedhia, who was picked up from Mohane in Ambivili, the police chief said.
Jewellery worth Rs 97,50,000 were recovered from the other accused, he said, adding that more than a dozen stolen motorcycles were also seized from them.