Police also recovered Rs 60,000 and seven mobile phones from the accused, which they were allegedly using for betting.
SSP Moga, Surjit Singh Grewal said the police conducted the raid this afternoon on a tip-off and on seeing the police party the gang members tried to give a slip.
Police, however, overpowered four of them whereas the fifth accused managed to escape.
The SSP claimed that the gang members were engaged in placing bets on the IPL T20 matches and were operating in the areas of Moga and Baghapurana here.