The burglars broke open the rear door of the 'Leelas Jewellers' shop apparently with gas cutters on the intervening night of December 15-16 and decamped with gold, silver and diamond jewellery worth Rs 35.50 lakh, police spokesman Gajanan Kabdule said.
Based on a complaint by the jewellery shop owner, offences have been registered under IPC sections 454 (trespass), 457, 380 (theft), 201 (causing disappearance of evidence of offence) read with 34 (acts done by several persons in furtherance of common intention) of the IPC with the Kasarwadavali police station, he said.
Senior police officials visited the spot.
A manhunt has been launched to nab the culprits, Kabdule added.