The arrests were made by a team of special task force in Lucknow.
Two of the men arrested were residents of Delhi, another two were from Gautam Budh Nagar, and one from Ghaziabad.
The STF recovered two walkie-talkies, five SIM cards, eight bank account statements, 16 credit cards, 10 ATM cards of various banks and an SUV having a Delhi number.
The five men told the police that they had been duping people by offering them lucrative returns on fake insurance policies, the STF said in a statement.
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