The incident occurred on Monday when Navin Chandra Zaveri was on his way back home after withdrawing ornaments for his daughter who returned from US recently, when two persons accosted him and snatched his bag containing valuables before fleeing.
As per details given by Zaveri, the ornaments included a necklace, two diamond rings and some cash.
A case has been registered at Kandivali police station under relevant sections of IPC.
The accused are yet to be identified, police said, adding, further probe is on.
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