05/07/2013 03:30 EDT | Updated 07/07/2013 05:12 EDT

2 homes raided in connection with Toronto robbery probe

Police say two homes in Brampton, Ont., were raided Tuesday morning in connection with an ongoing investigation into the robbery of an armoured car company that occurred in Toronto last month.

Witnesses say they heard a loud banging at a home on Ferncastle Crescent around 6 a.m., the sound of police ramming the entrance to the home. Two men inside were arrested by officers. Police say they found $90,000 in cash along with three vehicles including a BMW M5, which was registered four days earlier.

Another home on Aylesbury Drive, a few kilometres south of the Ferncastle Crescent address, was also searched. Police arrested one male at the location.

All three suspects are in custody.

On April 14, two men bound and pistol-whipped an employee at the Inkas Security office near Finch and Weston Road.

Authorities have not confirmed how much money was stolen at the time, but it could be up to $700,000.

The TTC is one of Inkas Security's clients, and police say some of the money may have belonged to the TTC.