However, his accomplice managed to escape.
The incident took place around 11.20 this morning.
Yasin Dhobi, a resident of Uttar Pradesh, and his accomplice knocked on the window of the car of businessman Kiran Makwana at a signal on R M Bhatt Road in Borivali West.
While one of them distracted Makwana, the other lifted a bag containing Rs 5 lakh from the car's seat and both fled, police said.
Makwana too got out and started chasing them.
After some distance, the duo boarded an auto rickshaw. Makwana also took another auto rickshaw and continued the chase.
Meanwhile, some onlookers alerted policemen Devidas Rasal and ASI Masekar, who were on patrolling duty nearby.
Rasal and Masekar too joined in the chase in another auto rickshaw.
Makwana eventually caught up with the accused duo, and with the help of some people and the policemen nabbed Dhobi. Dhobi's accomplice managed to escape.
Luckily, the bag containing the cash was with Dhobi, which was recovered.
Dhobi is a member of a gang which `lifts' bags from crowded places, police said, adding that further probe is on.
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