"The accused were identified as Subhash Mere, allegedly the mastermind of the crime, Omprakash Singh Rathod, the guard accompanying the vehicle, along with Swapnil Patil and Jaikumar Jadhav whose roles in the crime are being investigated", SP (Rural) Anil Kumbhare told reporters today.
The accused were nabbed on the night of the robbery itself but their arrests were announced today.
"Mere is the driver of the van that was carrying the cash of Rs 1 crore for distribution of salaries at Bombay Rayon Fashion Ltd at Andheri", Kumbhare said.
The incident happened on Tuesday afternoon at Waghoba Khind on Mumbai-Ahmedabad Highway near Manor here.
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The accused had earlier claimed that their vehicle was stopped by four persons who came on two motorcycles and robbed Rs 50 lakh at gun-point before fleeing.
Kumbhare said that police found contradictions in the statements of the accused and accordingly changed the direction of their investigation.