Bengaluru: A five-member gang has been arrested and banned marine substance ambergris or floating gold worth Rs 80 crore and a few antique items belonging to the East India Company (EIC) seized from them, police said on Tuesday.

Acting on a tip-off, police on Sunday arrested Majid (48), Mohammed Munna (45), Gulabchand (40), Santosh (31), all residents of Bengaluru, and Jagannathachar (52) from Raichur.

Police seized 80 kg of ambergis (endangered sperm whale''s vomit/faecal matter), red mercury copper bottle and a steam pan made in 1818 by the EIC.Ambergris has huge demand for its distinct odour.