Punjabi was arrested by the Crime Branch in 2010 for his alleged links with underworld gangster Pujari.
Punjabi in his early 30s was arrested in Churchgate by the anti-extortion cell of the Mumbai crime branch. His family is into real estate development in the western suburbs.
The police said he used to mainly pass on telephone numbers of businessmen and builders to Pujari who would then make ransom calls.
Punjabi's name had allegedly cropped up during interrogation of a gang of five shooters who were arrested earlier.
Raju Bhandari, Lala Soni, PD Nepali, from Nepal, and Tannu Thakkar and Harshad Maru, from Gujarat, were arrested in September 2010 for their involvement in three firing incidents in the city. They had fired at jewelers in the city.
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