The accused were identified as Dinesh Bahadur (22), who worked as a domestic help at the victim's house, Kamal Singh (55), Hikmat Khadka(31) and Dharma, who was a watchman in the locality, DCP (Northwest) Vijay Singh said.
While the first three have been arrested, Dharma is still at large. All accused are natives of Nepal, Singh said.
According to police, the incident took place on the wee hours of January 26 when Dinesh, along with his associates, allegedly locked his 86-year-old employer inside the washroom and robbed him of cash, jewellery and other expensive articles, including several designer watches and smartphones.
Before they entered the house, the gang also tied the security guard Ashok Kumar with a rope and put a duct tape on his mouth.
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A case was registered, following which the police conducted extensive search operation in Nepal-bound buses and the border area in Uttar Pradesh. They also questioned around 200 persons in connection with the case.
The police finally tracked down three of the accused yesterday and arrested them from their hideout in west Delhi's Uttam Nagar area.