Acting on a tip-off, a trap was laid near Mugal Hotel at Masjid Bunder when five Nigerians were found moving suspiciously in the area, police said.
The five were apprehended and on frisking them 250 grams of cocaine worth Rs 15.60 lakh were found in their possession.
The accused Nigerians were identified as Okafor Anselem Okoma, Mathew Chikudi Onkao, Chukyukere Ersel Ekocha, Peter Chidibere Ololo and Omobi Henery Nuance. All five were subsequently arrested and the narcotics was seized from them.
Police are trying to find out who was planning to buy the cocaine from them.