Four people were arrested on suspicion of false imprisonment after a man was escorted through a shopping centre with a sign around his neck saying "thief".
Police said the men - aged 22, 41, 42 and 44 - were questioned following an incident in Witham, Essex, on Friday.
A police spokeswoman said a 39-year-old man was also arrested on suspicion of theft and all five were granted bail until 27 November.
"Officers are investigating allegations against five Essex men," she said.
When asked about the man being escorted through Witham with his hands bound and the cardboard sign around his neck, the police spokeswoman said she could not discuss details of the incident.
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