The five went to the house of one Babu Nadar in Siddharth Nagar area and sought to inspect the premises claiming they were from I-T and police departments, they said.
Under the garb of "search", they got hold of gold ornaments, cash and a mobile phone - valued at around Rs 3.77 lakh - and left the house, police said.
Police have registered a case and launched a hunt for the culprits.