About seven armed men wearing police uniforms robbed a local security company of about P2 million cash, which was being transported from Gaborone to Gantsi.
A number of employees from Trojan Security Company and Bank Gaborone are at the centre of police investigations following the heist.
Already six suspects are in police custody and police said they had recovered over a million pula.
A van belonging to a police officer stationed at Botswana Police Headquarters was used in the heist.
It is believed the car was stolen specifically for the heist.
Senior Superintendent Mokuedi Mphathi of District Number 11 said the heist took place near Kolobeng Bridge along the Thamaga/Moshupa road in the early hours of Thursday.
He said he could not discuss what happened in detail, saying that investigations are still ongoing.
Mphathi confirmed that some of the suspects were wearing police uniforms.
Speaking to The Telegraph on Monday, Ofemetse Sento, the operations manager of Trojan Security Company, confirmed that the Trojan Security Company was robbed of cash amounting to P2 million”.
He said two officers were assigned to transport the money to Gantsi and they left the office at around 03:30 in the early hours of Thursday.
He explained that along the way, the two officers found a van that was blocking the road and they thought there had been an accident.
When the security officers slowed down they saw seven men, two wearing police uniforms.
“Soon after they had stopped they had what looked like pistols pointed at them and were ordered to get out of the vehicle and were made to lie on the ground.”
The suspects are alleged to have gone straight to the safe, easily opened it, took out all the cash and disappeared.
“I strongly believe that it was a well planned robbery between my employees and the bank employees,” Sento said. “How else did the suspects know the secret code?”
As to why so much money was being transported by only two security officers, Sento said often when they request backup from the police they are told that there is no transport and manpower.
“What do you do if your customer wants the delivery at a particular time? You are forced to go without the police?”
When contacted for comment the Marketing and Communications Manager of Bank Gaborone, Sandra Mokobi, said the bank was not in a position to comment.