Police have recovered Rs 1.5 lakh of the amount looted on February 25 and arrested Rinku, a resident of Ghaziabad district.
Businessman Pawan Mittal and his two associates were robbed of the money by four bike-borne men while he was going to his office after withdrawing money from a bank, police said.
Police said they had received a tip-off that one of the accused was coming to Bantla Crossing in Loni area this morning.
"Police have formed a team to nab three other accused," a senior police officer said.
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