Commissioner of police Biju George Joseph said that the accused, all hailing from western Uttar Pradesh, were nabbed within four hours of the incident last night.
Police raided their rented accommodation and caught them while the gang was in the process of dividing the booty amongst themselves.
"One of the accused, Shaukin, had gone to... A shopping complex five days back when he noticed businessman Rajendra Tambi carrying money home in a bag.
After conducting recces for a couple of days, they decided to execute their plan last night and intercepted Tambi outside his house in Shastry Nagar with a bag containing Rs 16.83 lakh cash.
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After snatching the bag at gunpoint, the five accused fled the scene.
But one of them left his mobile phone behind and upon discovering the same, dialled the number after reaching their room in the Hasanpura area, enabling police to trace the location.
The other accused involved in the crime were identified as Raja, Murshid, Nakib and Meherwan.