Muhammad Rashid Jamalullaili Thangal, 25, and Sharangadharan, 55, both from Kerala, were attacked by the assailants on April 25 as they were walking towards their security van after collecting money from a supermarket to be deposited at a bank.
The masked gunmen, reportedly two in number and clad in a black attire, fired at them at close range and escaped with the chest containing 13,000 Kuwaiti Dinars or USD 46,238.
Two of them were involved in the murder of the two security staff last month, the Gulf News reported.
The third accomplice hid the share of one of the suspects, the Kuwaiti interior ministry said as it announced on Sunday the arrest of the three gang members.
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Sharangdharanin, after being fired from point blank range, had died on the spot while Thangal succumbed to the injuries while operated upon in hospital.
According to the daily, the gang leader attributed the armed robbery to the need for funds, arguing that he was unemployed and that he was in charge of looking after the family following the death of his father.
Although incidents of armed robberies and assaults have often been reported in Kuwait, criminal acts involving armed gangs gunning down their victims for money are rare in the country.