Manoj Singh (40), Mangesh Mane (38), Rupesh Ladd (28) and Rahul Ojha (25) were yesterday arrested by officers of suburban Charkop police station.
At around 1 PM on March 17, the accused, pretending to be police officials, stopped the businessman who was riding a motorbike in Kandivali (west) and forced him to sit in a car and drove off.
Then they called his brother and demanded Rs two crore for his release, police said.
After realising that the victim's family was unlikely to shell out the ransom, they beat up the businessman, took away Rs 44,000 which he was carrying, and released him.
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