"We have arrested eight accused while at least three are still on the run," an official of the Anti Extortion Cell (AEC) said.
The accused, were arrested from Mumbai, Thane, Surat and Pune, after studying previous cases and modus operandi of the gang, they said.
The broker started getting extortion calls since September 2015 on his mobiles from international numbers.
"The caller identified himself as Suresh Pujari and allegedly demanded Rs 5 crore following which the broker immediately approached the Mumbai police and later AEC took over the case," they added.
An officer said that the associates of Pujari gang were found actively instrumental in identifying targets, passing on information, arranging cash and shooters, conducting reconnaissance for Pujari.
The officials said that they have seized pistols, rounds, mobiles from the accused.
A case under section 387 (putting person in fear of death or grievous hurt in order to commit extortion) of IPC and relevant sections of Arms Act has been registered, police said.
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