India, July 20 -- Police busted a gang that allegedly posed as police officers and attempted to rob two businessmen of Rs.1 crore in cash on Sinhagad Road on Saturday. Three accused have been arrested in the case, while two others are absconding.

According to the police, the incident occurred between 1 pm and 2 pm on July 18 near Brahma Hotel on Sinhagad Road. The complainant and his associate, Kiran Apte, were travelling in a car carrying Rs.1 crore in cash in two bags. They were on their way to deposit the amount at an HDFC Bank branch.

On National Highway 4 near Navale Bridge, unidentified men on a motorcycle intercepted the car. One of the men, identified by police as Ameya Karle, approached the car and falsely introduced himself as...