Moradabad (UP) | A brass trader's daughter allegedly masterminded an armed robbery at her own home here with the help of her lover and his associates, looting cash worth Rs 1.20 crore to fund a luxurious lifestyle, police said on Thursday.

Addressing a press conference, Senior Superintendent of Police Satpal Antil said five persons including the trader's daughter and her lover have been arrested in connection with the robbery that took place under Nagphani police station area on Monday.

Police said cash amounting to Rs 47.24 lakh, illegal firearms and two cars used in the crime have been recovered from the accused.

The robbery took place at the residence of brass trader Mohammad Imran in Akbar Compound area, where armed assailants held family members hostage at gunpoint and decamped with cash worth around Rs 1.20 crore.

During investigation, police found that the trader's daughter Areeba had allegedly shared information about the cash kept at home with her lover Arshad Warsi, following which the robbery was planned and executed with the help of his associates.

Police said preliminary interrogation revealed that the accused wanted to become rich overnight and live a life of luxury using the looted money.

The arrestee were identified as Areeba, Arshad Warsi, Ravi Kumar, Nikki and Kuldeep.

Police said further interrogation is underway to recover the remaining cash.