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According to the police, the jeweller from Bengaluru had sent 4.5 kg of gold with his employee, who had to hand it over to another jeweller in Zaveri Bazaar on December 8.
The jeweller lost contact with his employee and after a few hours the latter called to inform him that the gold worth Rs 2.47 crore had been stolen, an official said.
The jeweller then reached Mumbai and lodged a complaint with Trombay police station, he said.
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The accused had given the gold to one of the constables, who was arrested, while another constable involved in the conspiracy was also taken into custody, the official said.
An FIR under section 408 (criminal breach of trust), 120 (B) (criminal conspiracy) and other relevant provisions of the IPC has been registered against the trio, he said.