However, the mastermind behind the robbery - a local militant and his two foreign associates - are still at large and efforts are on to nab them and recover the stolen money, a police spokesman said.
On November 21, a group of unidentified gunmen barged into Malpora Branch of Jammu and Kashmir Bank in Chrar-i- Sharief area of Budgam and decamped with about Rs 14 lakh.
"During questioning, it was found that the trio ran an OGW module of Lashkar-e-Toiba terror outfit. They revealed that conspiracy of robbing the Malpora branch was hatched and masterminded by one Arif Dar alias Abu Haibat-ul-lah of Lelhar Kakapora, who is an active local terrorist of LeT outfit, along with two other terrorists of foreign origin, identified by their codes, Abu Ali and Abu Ismail," the spokesman said.
"The group also used the services of Tanvir Bhat and Raqeeb Rather, also residents of Chewa Kalan, who were also arrested," the spokesman said.
The spokesman said the hunt is on for other persons involved in the crime and recover the stolen money.