Sleuths of Commissioner's Task Force (East Zone) tracked and nabbed one Thakur Kranthi Singh and three constables attached to Begumbazar police station, police said.
The constables were identified as G Mahender, Y Sachin and C Puroshatham.
Singh earlier worked as a collection agent with a city- based steel firm and also knew about hawala operations, police said.
Five months ago Singh came in contact with Mahender and Puroshatham through his friend Sachin. Singh was aware of illegal money laundering centres in the city as he had been collecting hawala amounts on behalf of his firm, where he worked for 12 years, they said.
Using this modus operandi, the four hatched a plan and on October 21, they snatched a bag containing Rs 50 lakh in hawala money from two persons here, the release added.
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