Chandigarh, Jun 14 (IANS): In a major breakthrough, Ludhiana Police, supported by counter intelligence, have solved the cash van robbery case involving Rs 8.49 crore of cash management service company CMS -- Connecting Commerce -- in less than 60 hours, Punjab Director General of Police Gaurav Yadav said on Wednesday.

He said out of 10 accused involved in planning, five main apprehended and major recovery effected.

Investigations are ongoing, he added.

Armed masked robbers had decamped with Rs 8.49 crore from the office of a cash management services company after holding five employees, including two security guards, captive in the New Rajguru Nagar locality in Ludhiana on June 10.

The robbers barged into the premises at 1.30 a.m. and fled within an hour.

Commissioner of Police Mandeep Singh Sidhu told the media the security system of the CMS company's office in Aman Nagar of New Rajguru Nagar was outdated and the company had put the lives of its employees at risk.

The commissioner of police said during investigation the police found that the security system of the company was not working and the company officials were aware about it but they did not take it seriously as the money was insured.

Special teams had been formed to track the criminals.