Four assailants, all in their 20s, overtook a car in which three meat businessmen were travelling, and looted the money flashing their weapon, DIG Ashutosh Kumar said.
The thieves, who had come in a car, fled towards Modi Nagar area after committing the loot.
The Kharkhoda police flashed a wireless message alerting the Modi Nagar police which gave the thieves a chase.
The accused also took away his rifle and then fled towards Niwari where they hid in a sugarcane field at Nangla Moosa village, the DIG said, adding the thieves opened fire when the police surrounded them.
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Police retaliated in which three of the assailants were injured, and later nabbed, whereas the fourth managed to flee, the DIG said.
He said the entire looted amount and the snatched rifle were recovered from the accused.
The three nabbed accused have been identified as Vikky Jaat, Pradeep - both from Baghpat - and Akshya Tyagi of Muradnagar.
The injured assailants and the constable have been admitted to hospital.