On February 28 a student was caught by a teacher with an image of the chemistry question paper on his mobile phone an hour before the exam at a junior college in Parel.
Investigation brought to light the involvement of some more people in the paper leak, a police official said.
Arrests were made last week.
It is suspected that the student who had accessed the chemistry paper tried to forward it to another student.
All four accused were booked under the Maharashtra Prevention of Malpractices at University, Board and other Specified Examinations Act, 1982, as well as the Information Technology Act, the police official said, without disclosing their names.
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