The main accused, Sajjan Yadav (28), worked as a car driver for the contractor, Rajesh Bharedia, who ran his business from suburban Kurla, said Kiran Chavan, DCP (Zone XII).
On Monday evening, the contractor gave Rs 8,75,810 in cash to Sajjan and asked him to take it to his (Bharedia's) residence in suburban Goregaon in car, he said.
However, Sajjan later said while he was on way to Bharedia's residence, two bike-borne men overtook his car near Arey Colony and snatched the bag containing the cash. He also filed a police complaint in this regard.
During interrogation, Sajjan revealed he himself gave the cash-laden bag to his brother Lalan and cooked up a false story of robbery, he said.
More From This Section
Police later recovered the money kept at the duo's residence in Goregaon.
The accused, who hailed from Madhubani district in Bihar, maintained they committed the crime to meet expense of their sister's marriage and clear debts.