DCP Parag Manere said the operation was led by inspectors Ravindra Doiphode and N T Kadam.
The police recovered chains or mangalsutras worth Rs 37.93 lakh.
Those arrested were identified as Iqubal Shamim Khan, Shaid Ali Sarfarj Asnaosheri, Abbas Sallu Zafri, Jaffar Manoj alias Jaffar Irani, Aazam Alisha Irani, Mohammad alias Mammu alias Sanga Zakir Sayyed and Zafar alias Sanjay alias Tinu Anand Malik Sayyed.
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