District SP Jyoti Priya Singh, while addressing a press conference here, said the robbery had occurred on June 3 at Shelgaon, 15 km away from the Jalna town.
"The van of the courier service of Gujarat, was carrying cash to Mumbai, when seven robbers travelling in two vehicles intercepted the courier van and looted cash Rs 2.72 crore," she said.
The SP said the police arrested five suspects from Gujarat and recovered Rs 1.24 crore from them.
Police suspect that the accused might have been former employees of the courier service.
The courier service was carrying the cash from Amarvati and proceeding to Mumbai. Others two accused are still at large, she added.
Further investigation is still on.
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