The duo used to puncture targeted vehicles and fled away with bag as the owner of vehicle was occupied in replacing tyres, police said.
Police have recovered Rs 19.45 lakh cash, a brief case, a cheque book, needle used for puncturing target vehicles and a motorcycle used while commission of crime, they said.
"They used to identify vehicles in which bag and other valuables are kept on the side seat of the driver or on the rear seat and driver is alone.
"Then, they would puncture the tyre with a sharp edge instrument or by throwing the sharp edge instruments of iron on the road when the driver stops his vehicle at the red light. After that they would follow the targeted vehicle and would inform the driver that the tyre of his vehicle has been punctured," a police official said.
A man identified as Subramani was also allegedly involved in the crime.