Three accused -- Hetram Baghel, Umesh Yadav and Shera alias Sher Singh -- had snatched the cash and jewellery from Deepak Jain, Ghanshyam Sharma and Sunil, police said.
Police tracked the trio and appealed to them to surrender, but they opened firing. In the exchange of fire, a policeman Pawan Sharma got injured, while Baghel was shot in the leg.
According to police, Hetram and Umesh have been arrested, while Sher Singh escaped with Rs 10 lakh and over 100 gram gold jewellery. The two accused are undergoing treatment at a local hospital, they said.
Further investigations are on.