The accused have been identified as Gulamali Sartajali Jafari (26), Nasir Hafiz Khan (28), Mehendi Yousuf Sayyad (26) and Husain Faiyaz Zafari (32), all residents of Thane.
Police have recovered ornaments worth Rs 65,900, which were all nicked from Vishrantwadi area.
In a separate incident, cops arrested Husain Jansha Irani (51), a resident of Shivajinagar. Irani used to pose as a cop and loot people. Bangles worth Rs 67,500 have been recovered.