Four special teams were formed on the orders of City Police Commissioner J K Tripathy to arrest four of the five accused persons, an official statement said.
Posing as I-T sleuths, the gang had approached a grocery shop owner at Ernavoor under the pretext of conducting raids and decamped with the money.
Following a complaint, a manhunt was launched after which the accused were held and Rs 33 lakh and a car recovered from them.
Police are on the lookout the fifth accused, who is absconding.
