"Three people involved in the November 3 dacoity have been arrested, while the remaining two have been identified," Superintendent of Police (SP) Kheri Akhilesh Chaurasiya said.
The arrested trio has been identified as Ankit, Pavan Verma and Shivam Gupta, the SP said, adding that all are local residents.
Money worth Rs 25,000, foreign wrist watches, spectacles and some other articles looted from the school have also been recovered, he said.
Chaurasiya claimed that the complainant NRI women, Shobhna Nandi and Shubh Laxmi, who manage the school, have identified the recovered goods.
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Five assailants had barged into the under-construction Satyram Girls High School in Bhansadiya village on November 3.
They looted cash worth Rs 90,000 and a gold chain by holding the two NRI women at gun point.
Both the women were seriously injured in the incident and one of them was airlifted to Delhi for treatment.
The city police was accused of being lax in their probe. The city kotwali in-charge Nem Chandra Gangwar, a sub inspector and the village chowkidar were suspended and the investigation was handed over to STF.