Police said the accused -- Manoj (22), Ashish (30), Deepak (31) and Ravi Kumar (29) -- had hatched the robbery plan so that they could pay off their debts and make up for the losses in their businesses.
Three of the accused were arrested yesterday from Rajapuri area, while Ravi, who had earlier worked with the retailer, was held this morning, said Deputy Commissioner of Police (Southwest) Surender Kumar.
On April 15, two employees of mobile phone retailer R K Agency were going to deposit Rs 15.90 lakh in a bank in Palam on a two-wheeler.
On the basis of a tip-off about the presence of the accused in Rajapuri area, police arrested Manoj, Ashish and Deepak yesterday.
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They led the police to the fourth accused, Ravi, who was arrested this morning from his residence in Rajapuri, said the officer.
Rs 4.95 lakh robbed cash was recovered from the accused.
A stolen motorcycle and one .315 bore country-made pistol were seized from them, he added.
Police said Ashish had arranged a weapon from Baghpat in Uttar Pradesh with the aim to target his former girlfriend who had married someone else. He had failed to carry out the attack, and the pistol was used in the robbery, police added.