Police also seized a microbus used during the mugging.

The arrested ASI was identified as Monir Hasan. The other arrestees are Saiful Islam, Abdul Hye, Jamal Mia and Monir Hossain.

Motijheel police said Zakir Hossain, an employee of Green Line Money Exchange at Fakirapul, was returning to his office on a rickshaw from another money exchange in Motijheel area at around 1:30pm. Zakir had Tk 3.4 lakh strapped around his legs with rubber bands at that time.

When he reached Dainik Bangla intersection, the muggers riding in the microbus stopped his rickshaw and snatched the money at gunpoint.

As the muggers were fleeing the scene on the microbus, Zakir yelled out for help. Locals rushed to his rescue and surrounded the vehicle.

A police patrol soon arrived at the scene and apprehended the five muggers. The law enforcers also identified one of the criminals to be a police official and seized the snatched money from their possession.

The duty officer at Motijheel Police Station said the arrested ASI was supposed be on duty only a few minutes later -- from 2:00pm.