An employee of the workshop, who was part of the conspiracy to rob it, has also been arrested, police added.
Officials said that, on February 23, four persons posing as Crime Branch officers, went to a jewellery workshop in Pydhonie area here and threatened the workers there.
These men told the workers that the establishment's owner was involved in a Rs 200 crore fraud and Rs 80 lakh had been seized from his Dombivali home, Additonal Commissioner of Police Pravin Padwal said.
Padwal said that a case was taken after workers informed owner Manoj Samanto who then approached Pydhonie police station.
The five, identified as Vishal Chavan (40), Sunil Perao (35), Nilesh Arekar (30), Sagar Wagh (30) and workshop employee Lakshman Bhosle (31), were arrested after police scoured CCTV images of the area.
Police have recovered diamonds worth Rs 35.77 lakh and gold ornaments valued Rs 5.33 lakh from the accused and further investigations were underway. he informed.
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