Two of the accused were identified as Omprakash Yadav (25) and Amit Lathia (23), police said.
Additional SP of Janjgir Champa district Vijay Agrawal said that the trio had cut open the Central Bank's ATM machine placed near Jain Bhavan using a gas-cutter on the night of July 8 and fled away with Rs 24 lakh cash.
The place of incident was around 15 kms away.
During the probe, police grew suspicious about Omprakash, who was employed for loading money into the ATMs.
Police have recovered Rs 50,000 cash, a car used for the offence, a gas cutter and a cylinder.