New Delhi, Sep 26 (IANS): The cash-van driver, who sped away with Rs.49 lakh Wednesday, has been arrested and the cash has been recovered, police said Thursday.

Satish, 30, was working with Cash Management Services (CMS) as a driver under false identity of Sanjay. He drove away the cash van around 10.50 a.m. Wednesday from Karol Bagh area in central Delhi.

The man was, however, arrested Thursday from Etah in Uttar Pradesh, along with his cousin and accomplice Shailender. Police are still looking for Shailender's brother Chhotu, who also helped them.

Police said Satish hatched the plan with Shailender and Chhotu. After driving away with the van, the three met in Regharpura locality in Karol Bagh, where they transferred the money in two bags.

Satish and Shailender then left for Etah on a motorcycle while Chhotu boarded a bus.

A police official said the three robbers were tracked down on the basis of electronic surveillance.

Satish joined the cash management company Aug 31 and gave a fake house address in his office, police said.

According to a police officer, three other employees Amit Mishra, Kapil and guard F.D. Sharma were with Sanjay when the cash van left its main office in Jhandewalan Axis Bank with Rs.83 lakh in the morning.

The van staff put Rs.5 lakh in an ATM in central Delhi's Faiz Road area, and on reaching an ATM at Padam Singh Road in Karol Bagh, Sanjay's colleagues carried away Rs.29 lakh to replenish cash in the Axis Bank ATM there, police said.

At this point, Sanjay drove off with the rest of the money, police said.