A sum of Rs 1.28 crore out of the total amount has been recovered from their possession, the police said.
Armed men had allegedly robbed Rs 1.34 crore from a cash-van of a private bank on the Mohali-Banur road near village Manauli on March 9. The van was on its way to deposit money in an ATM.
Police were conducting raids at village Rurki Khan following a tip-off in an unrelated case. They arrested four persons allegedly planning a separate robbery. Four others managed to flee, the police said.
The alleged kingpin Ranpreet Singh Rana alias Titu, a B.Tech graduate, Joginder Singh, Talwinder Singh and Lakhwinder Singh were arrested, the police said.
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They were identified as Gurvinder Singh Lally, Rahul Kumar, Parminder Singh and Buta Gir, the police said.
Police recovered a car, a .32 pistol with four cartridges, an axe, two pistols, along with other sharp-edged weapons from the eight persons.
After committing the alleged loot, they abandoned the vehicle in Banur and separated to dodge the police. They again assembled in Chandigarh and divided the looted money among themselves, he said.
Several criminal cases are already registered against Ranpreet in Mohali, Sohana, Mataur and City Rajpura police stations while a number of cases was registered in PS City Rajpura against Rahul, sources said.
Cases against Parminder Singh, Talwinder Singh and Buta Gir were registered in PS Mataur, the sources said.