The gang managed to steal Dhs2,75,000 including various foreign currencies.
Deputy Ajman Police chief said that the incident took place last week when the gang members entered the exchange and attacked and assaulted its employees, threatening them with toy guns before emptying the premises of its cash and fleeing.
The gang members entered the country on a visit visa, which expired long time ago.
He added that the police operations room received a call about the robbery at around 10.30 pm last Thursday.
However, the suspects managed to escape before the police arrived on the scene, as the employees failed to activate the alarm in order to alert the police.
Lt Col Abdullah Saif Al Matroushi, director-general of CID at Ajman Police, said that police formed a special team to investigate the case.
“The police team used sniffer dogs to trace the movement of the suspects and found the shirt of one of the suspects and a toy gun used in the crime.
The police also used the footage obtained from surveillance cameras installed at the exchange house and the street, which assisted in revealing their car plate number and its description.
In cooperation with the Sharjah and Dubai Police, the team managed to identify the suspects and their location.
One of the suspects was arrested in a street in Sharjah. He then led the police team to his accomplices in Dubai.
In coordination with the Dubai Police, the team raided the house of the suspect and arrested the other four.
The sixth suspect is still on the loose and the police is on the lookout.
Upon inspection of the suspect’s residence, the police seized Dhs11,000, receipts of purchases of gold, garments and various items, as well as money transfer to their countries and currencies including US dollars, euros, Omani riyals and other currencies.
The suspects confessed to their crimes and were referred to the Public Prosecution. The police officials urged the public to take proper precautions to avert such crimes.
They also said that more awareness campaigns will be organised to educate the employees of the financial and commercial establishments on safest ways to deal with this kind of incidents that occur during their working hours.
They will be educated about the importance of setting alarms to alert the police immediately.