"Three persons have been arrested in connection with jeweller Hitesh Jhaveri's murder. While one person has been arrested from the city, two others have been nabbed from outside Gujarat," a senior police official said.
On January 15, three unidentified youths shot dead the jeweller and injured two others in broad daylight before fleeing with Rs 1.09 crore cash in the busy and upmarket Shivranjani area in Ahmedabad.
The youths, who were wearing monkey caps, had approached Jhaveri (46), a jeweller from Vejalpur area of the city, when he arrived outside the State Bank of India branch in his car to deposit cash.
Police have recovered Rs 40 lakh from the accused.
"The interrogation of two persons arrested from outside Gujarat is going on. They have confessed to the crime. One of the suspects was arrested from Juhapura area of the city," the official said, without divulging further details about the incident.
Further investigation is on.