On a tip-off, a team of senior police officials conducted a raid and found the hides hidden in a tin shed, said Additional Superintendent of Police Rakesh Ola.
He said the animal hides are believed to be of bovines.
The arrested persons are identified as Saeed, Babulal Hajji, Shakil Master and Farookh Member.
Police had deployed a large number of personnel, besides the anti-riot squad during the action, against the backdrop of the communally sensitive history of Malegaon.
Meanwhile, a mob gathered at the City police station against the police action, arguing that the animal hides were stored before the beef ban law came into force in Maharashtra last year.
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