Police have recovered Rs 55,52,500 of the money which was looted while it was being transported to various branches of Union Bank of India and its ATMs on October four.
Jagadish, a security guard, and another staff Ajit, a clerk, hatched the plan to loot the cash, police said.
The duo enlisted support of three of their friends and on October four, they threw chilly powder into the eyes of the driver of the van and fled with two boxes containing Rs 65.50 lakh, sources said.
Police said the gang was arrested here yesterday while they were preparing to flee to Tirupati.
