M Azim (24) and M Nazim (23) were apprehended on August 28 after a tip off.
"Two more members of the gang, including kingpin Haroon Pasha along with Masroor are still at large in the case.
"The looted amount was distributed in five parts. Pasha had kept two parts as he was the mastermind of the loot," said Additional Deputy Commissioner of Police (North-East) Dheeraj Kumar.
"Recovery of the remaining amount would be possible only after these two are arrested. A cash reward of Rs 50,000 has being declared on them," he said.
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On the afternoon of August 2, four persons in a car reached a Union Bank ATM in Mansarovar Park to replenish cash in it.
While two custodians of cash entered the ATM to load the cash in the machine, the driver and a gunman stood outside.
In the meantime, a Wagon-R car stopped ahead of the cash van and three persons alighted from it leaving behind the driver inside the vehicle. One of them hit the gunman with the butt of a country-made pistol and snatched his gun, the second person threatened the driver with another country-made pistol.
During interrogation, the duo told police that they hatched a conspiracy for loot after getting information that the cash delivery vans carried huge amount of money.
"They were under the impression that the money carried by these vans is private hawala money and no police action will be taken even if they loot it. The followed several cash vans before consummating their plan," said Kumar.