Five persons were arrested today for allegedly taking away Rs 15 lakh from a hotelier in suburban Chembur two months back, police said.
Police suspect that apart from the businessman, based in suburban Ghatkopar, the accused had also cheated many others by employing a unique modus operandi.
Police recovered cash worth Rs 3.57 lakh and 11 mobile phone sets from them.
They were identified as Keval Jain (51), Harishchandra Jaiswal (39), Vilas Bansode (54), Ashok Pawar (36) and Srimant Panigrahi (27).
According to the police, the gang had allegedly cheated Akash Gandhi (24) who wanted denominations of Rs 50 and Rs 100 in exchange of Rs 1,000 notes with him.
In January, Jain, the main accused in the case, got in touch with Gandhi and called him to Chheda Nagar-Mankhurd highway in Chembur.
Gandhi carried Rs 15 lakh cash in denominations of Rs 1,000.
"After Gandhi reached the spot, he was taken to a hotel by one person who identified himself as Rahul to carry out the exchange of notes," police said.
As per Gandhi's complaint, Jain also arrived at the hotel and showed a bundle of Rs 50 currency notes to Gandhi.
"Jain took Rs 15 lakh from Gandhi and told him that the bundles of Rs 50 and Rs 100 are in his car parked opposite the hotel and left the spot leaving Rahul with Gandhi," according to police.
However, when Gandhi and Rahul were stepping out of the hotel to go to Jain's car, suddenly a taxi arrived and its occupants allegedly pulled Rahul inside and sped away.
Gandhi then realised that he was tricked by the accused and filed a complaint with Bhandup police.
Police were on trail of Jain for the last two months and picked him up from Dombivali in Thane district today and other accused from various spots.
Bhandup police station senior inspector Shripad Kale said, "More arrests cannot be ruled out in the case".
Police said the accused could have committed similar crimes in different cities like Navi Mumbai, Thane, Kalyan and in Gujarat with the same modus operandi.
They were booked under appropriate sections of the IPC.
