Boma Bobmanuel Awantaye, Courage Ikponmwoba, Osayande Kelvin Okungbow and Roland Agbode Oboh were arrested in Banaswadi area in the city, police said.
The four used to inform people through e-mails that they had won an e-lottery worth five lakh pounds and ask them to deposit huge amounts of money in their accounts in public sector banks.
They were nabbed on a complaint by a man named K B Naukudkar, who deposited Rs 1.23 lakh to the SBI account of one of the accused, but found he did not get the "prize money", police said.
