The arrest was made within hours after the incident late in the evening yesterday, police said.
Police said Rs 12 lakh had been recovered from the youths, belonging to West Bengal and Jharkhand. There were six members in the gang and search for the other two was continuing.
After robbing the money from Yesurajan of Fish Workers Co-operative Society at Vizhinjam while he was coming out of the bank at the Ayurveda college junction here yesterday afternoon, the gang split into three groups and went in different directions.
