Officers said the robbers rammed into the victim’s vehicle on Hoi Po Road and smashed the windows with hammers before stealing the proceeds in cash.

The businessman was on his way to a money changer along with two of his staffers at that time. Two of them were injured in the “grab and go” incident.

Police were able to retrieve a total of HK$1.5million in cars and watches allegedly brought with the stolen money, as well as HK$200,000 cash.

The arrested men, aged from 24 to 26, were members of a crime syndicate and some of them had alleged associations with triads.

Officers said the robbery was “meticulously planned” as a GPS device had been installed on the victim’s car, allowing suspects to track its location.

The gang also used a false car plate and took an indirect route in a bid to conceal their whereabouts.

Police are still searching for the rest of the missing proceeds and said more arrests may follow.