The accused were identified as Talaha Qureshi, Talaha Malia, Anup Singh and Mustan Shaikh, police said.
According to the complainant Jhujera Sangothawala, he and Qureshi were friends, and Sangothawala was supposed to pay Qureshi Rs 1 lakh for damaging his vehicle in an accident a few days ago, but he paid only Rs 50,000.
They had a dispute over it, and to settle the score with Sangothwala, Qureshi allegedly decided to kidnap him and extort money.
Last Sunday he invited Sangothawala to a food joint in Mazgaon in south Mumbai. From there he was driven in a car by Talaha Malia and Mustan Shaikh to Anup Singh who was waiting in another car in Ballard Pier area.
Qureshi then arrived on the spot and claimed to have paid the money on Sangothawala's behalf. The latter was allowed to go, but the accused kept his car, saying that it will be returned once he paid back the amount to Qureshi.
After Sangothawala told his father about the whole episode, latter approached the police yesterday.
The four have been booked for extortion and kidnapping under the IPC, said a senior police officer of the Byculla police station.
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