SP Miraj Khalid said the seven persons were arrested on the charge of planning a crime.
Police last night seized five rounds of ammunition, a revolver, a pipegun and a car from the seven men, including Seikh Najrul Islam, a Trinamool Congress member of Potna-Porsha panchayat under Galsi police station, police sources said.
Acting Chief Judicial Magistrate Anusa Lama remanded two of them to four-day police custody and the remaining five to four-day judicial custody.
Two persons snatched his bag containing the cash close to the bank.
Ali lodged a complaint with the police, but after that, he and his family contacted two persons, with alleged criminal connection, to know who were involved in the snatching, the sources said.
The two men got information that the snatching was done by members of gang based in Mehedi Bagan area of the town.
They then hired some men and went to Mehedi Bagan in a car last night searching for the gang, the sources said.
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