Reports said the suspects; Lateef and 20-year old Benjamin Oforitse robbed their victims at a commercial bank in Agbara, Ogun State after they had withdrawn their money.
It was gathered that SARS officers also arrested three other suspects in connection with the operation, bringing the total number to five.
The suspects are all in custody and are currently being interrogated at the Federal Special Anti-Robbery Squad in Abeokuta.
The names of the other three suspects were given as Yusuf Owoyele, 34, Tunde Owoyele, 23 and Itunu Abisoye, 22.
Lateef reportedly confessed that he had worked with several robbery gangs, noting that most of them have been killed.