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The complainant, who runs a popular cafe in the city’s Matunga area, told the police that six persons came to his house near the Sion hospital on Tuesday saying they were from the Mumbai crime branch.
The men claimed that they were on election duty and had information that he had kept money for use in connection with the Lok Sabha polls, the official said citing the complaint.
Mumbai will vote in the fifth phase of general elections on May 20.
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However, the six accused took the money and left his home threatening to implicate him in a crime. The cafe owner then approached the Sion police station, prompting an investigation.
During the probe, the police arrested four of the accused.
Cops suspect the involvement of a retired police constable and personnel of the police motor transport department in the crime, the official added.