Mumbai: The city crime branch have busted a oil theft racket. The syndicate involving drivers and cleaners of the oil company sell the oil right outside these company’s outlets at Bombay Port Trust. Three persons have been arrested. Two tankers, one tempo will with base and furnace oil worth Rs 1.22 crore were seized. The arrested drivers have been identified as Kamlesh Sarda Singh and Rambacchan Yadav and one Gaysuddin Ansari, a part of the oil syndicate. Police are now looking for the masterminds of the racket.