Police said that the gang, which was active in north-west and outer Delhi, would target people near railway tracks and canals and also break open ATMs.
The accused, identified as Nand Kishore, Tulsi, Ashish and Shabhaaz, were arrested yesterday by the crime branch of Delhi police. All are residents of Delhi and aged between 19 and 20 years, police said, adding that several mobile phones were recovered from their possession.
"Nand Kishore and Tulsi had looted an ATM on January 8. They also broke open another ATM on January 17 in the Shahbad Dairy area.
The accused had also allegedly on January 17 robbed three persons at gunpoint of their mobile phones and Rs 3,000 in cash.
The accused's associates, identified as Hari Dass, Banna and Sharafat, are absconding and a search has been launched to nab them, police added.